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SINGAPORE — Chicago wheat futures dropped to a three-week low on Monday, falling for a fourth consecutive session, as showers in key rising elements of the U.S. Plains offered a a lot wanted increase to the crop.

Corn costs eased whereas soybeans edged larger.

FUNDAMENTALS

* Probably the most-active wheat contract on the Chicago Board of Commerce (CBOT) slid 0.6% to $10.49-1/4 a bushel, as of 0006 GMT, after hitting its lowest since April 8 at $10.49 a bushel earlier within the session.

* Corn fell 0.7% to $8.07-3/4 a bushel and soybeans rose 0.1% to $16.86-1/2 a bushel.

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* Good-to-excellent situations for U.S. winter wheat have fallen to their lowest since 1989 however current rains have offered aid to crops as they close to key phases of improvement.

* In the meantime, the European Fee lower its forecast for the 2022/23 European Union wheat harvest on Friday, however maintained its projection for report EU exports as battle disrupts provide from Ukraine.

* In month-to-month cereal provide and demand estimates, the Fee lower its outlook for usable manufacturing of widespread wheat, or delicate wheat, within the July 2022 to June 2023 season to 130.1 million tonnes from 131.3 million tonnes beforehand.

* Ukraine’s grain exports have reached 45.709 million tonnes up to now within the 2021/22 July-June season, the agriculture ministry mentioned on Friday because it resumed publishing grain export knowledge.

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* The ministry mentioned the amount included 763,000 tonnes exported in April however gave no comparative figures. Senior agriculture officers mentioned this month that Ukraine exported 300,000 tonnes of grain in March.

* Losses within the corn market had been restricted by issues over antagonistic climate in Brazil.

* Dry climate in central Brazil is elevating issues in regards to the nation’s essential corn crop, which just like the later U.S. harvest is seen as vital to assist offset disruption to Ukrainian exports.

* In China, authorities plan to approve GMO corn traits developed by Syngenta Group for the primary time, the agriculture ministry mentioned on Friday.

* Massive speculators lower their internet lengthy place in CBOT corn futures within the week to April 26, regulatory knowledge launched on Friday confirmed.

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* The Commodity Futures Buying and selling Fee’s weekly commitments of merchants report additionally confirmed that non-commercial merchants, a class that features hedge funds, trimmed their internet brief place in CBOT wheat and lower their internet lengthy place in soybeans.

MARKET NEWS

* The U.S. greenback index fell from 20-year highs and Wall Road equities closed sharply decrease on Friday, with the newest financial knowledge and Amazon.com’s disappointing quarterly report and outlook maintaining the highlight on surging inflation.

DATA/EVENTS (GMT, April) 0750 France S&P World Mfg PMI 0755 Germany S&P World/BME Mfg PMI 0800 EU S&P World Mfg, Confid. Remaining PMIs 0800 EU Client Confid. Remaining 1345 US S&P World Mfg PMI Remaining 1400 US ISM Manufacturing PMI (Reporting by Naveen Thukral; Enhancing by Subhranshu Sahu)

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