for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up

GRAINS-Wheat falls from 5-month high, supply woes limit losses

SYDNEY, Sept 2 (Reuters) - U.S. wheat futures edged lower, retreating from a five-month high touched in the previous session, although losses were limited on concerns about global supplies.

FUNDAMENTALS

* The most-active wheat futures on the Chicago Board of Trade were down 0.1% at $5.63-1/2 a bushel, having closed up 2.1% on Tuesday when prices hit a high of $5.68-1/2 a bushel - the highest since April 1.

* Soybean futures were down 0.5% at $9.50-1/4 a bushel, having firmed 0.1% on Tuesday.

* Corn futures were up 0.1% at $3.58-1/2 a bushel, having closed little changed in the previous session.

* Wheat supply forecasts have tightened in exporting nations like Argentina and France due to unfavourable weather.

* Dryness in the U.S. Midwest grain belt, along with the impact of a mid-August windstorm in Iowa, have led traders and analysts to scale back previous projections for massive autumn corn and soybean harvests.

MARKET NEWS

* The dollar bounced off two-year lows on Wednesday as U.S. data pointed to a firm manufacturing activity, while the euro retreated from its highest levels since 2018 on profit-taking.

* Crude oil futures rose on Wednesday after a more-than-expected draw in U.S. crude stockpiles and as solid U.S. factory data raised optimism of a post-pandemic economic recovery, boosting risk appetite among investors.

* Asian shares were set gain on Wednesday, encouraged by buoyant U.S. moves that followed stronger-than-expected manufacturing indicators while the dollar emerged from its recent lows against the euro.

Reporting by Colin Packham; editing by Uttaresh.V

for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up