June 15, 2020 / 12:53 AM / 20 days ago

GRAINS-Wheat falls on ample supplies, Chinese buying supports soybeans

SINGAPORE, June 15 (Reuters) - Chicago wheat futures fell on Monday, pressured by abundant supplies forecast in a U.S. government report last week.

Soybeans were marginally lower after closing higher in the last three sessions as strong Chinese demand underpinned prices.

FUNDAMENTALS

* The most-active wheat contract on the Chicago Board Of Trade was down 0.3% at $5.00-3/4 a bushel by 0039 GMT.

* Soybeans slid 0.1% to $8.70-1/2 a bushel and corn lost 0.1% to $3.29-3/4 a bushel.

* Higher global wheat supplies are weighing on the market. The U.S. Department of Agriculture (USDA) raised world ending stocks to a record high 316.1 million tonnes.

* Leading Russian consultancies revised forecasts for this year’s Russian wheat harvest, tempering concerns about the effects of a dry spring.

* Consultancy IKAR has raised its estimate for Russia’s 2020/21 wheat exports by 1 million tonnes to 35 million tonnes after it upgraded its crop estimate, it said on Thursday.

* China has stepped up purchases of U.S. beans in recent weeks, supporting prices.

* U.S. soybean crushings likely edged up slightly in May despite narrowing processor margins as export demand for soymeal remained strong, according to analysts polled ahead of a monthly National Oilseed Processors Association (NOPA) report due on Monday.

MARKET NEWS

* Global equity markets rose in choppy trading on Friday as concerns triggered by the U.S. Federal Reserve’s less-than-optimistic outlook for an economic recovery and a jump in U.S. coronavirus cases gave investors pause.

DATA/EVENTS (GMT) May 0200 China Urban Investment (YTD) YY 0200 China Industrial Output YY 0200 China Retail Sales YY 0630 India WPI Inflation YY 1000 EU Reserve Assets Total (Reporting by Naveen Thukral; Editing by Amy Caren Daniel)

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