MANILA, May 30 (Reuters) - U.S. wheat futures fell more than 1 percent on Wednesday, retreating from a 10-1/2-month high in the prior session as investors locked in gains after a rally fed by concerns that dry weather in key growing regions could hit crops.
Corn and soy prices also edged lower, extending overnight losses amid renewed trade tensions between China and the United States.
* The most-active wheat contract on the Chicago Board of Trade was down 1.5 percent at $5.28-1/4 a bushel by 0127 GMT, after peaking at $5.54 on Tuesday, its loftiest since July last year.
* “The market perhaps found some more producer selling at season highs on the day,” Commonwealth Bank of Australia analyst Tobin Gorey said in a note, referring to Tuesday’s rally, which was spurred by worries about dryness in wheat-producing regions from the Black Sea to the United States and Australia.
* Corn slipped 0.9 percent to $3.96-1/2 a bushel and soybeans dropped 0.7 percent to $10.23.
* The United States said it still holds the threat of imposing tariffs on $50 billion of imports from China and will use it unless Beijing addresses the issue of theft of American intellectual property.
* China is the world’s biggest soybean importer and the top buyer of U.S. sorghum, a feed grain that competes with corn.
* Chinese grain merchants seeking to resume purchases of U.S. sorghum after an anti-dumping probe by Beijing that had halted trade between the world’s biggest buyer and seller of the grain are now finding supplies tight.
* The United States is pushing China to drop a ban on U.S. poultry imports as part of trade talks, according to three sources briefed on the matter, eyeing a potential $600 million market for chicken feet and other parts.
* Asian shares looked set for a sharp fall as Italy’s political crisis provoked a sell-off on Wall Street, sent the euro to a 10-month low and raised borrowing costs for the government in Rome.
* Oil prices were mixed amid worries that Saudi Arabia and Russia will pump more crude weighing on the market.
0600 Germany Import prices Apr
0600 Germany Retail sales Apr
0645 France Detailed GDP Q1
0645 France Consumer spending Apr
0800 Germany Unemployment rate May
0900 Euro zone Business climate May
1200 Germany Consumer prices May
1215 U.S. ADP national employment May
1230 U.S. GDP 2nd estimate Q1
1230 U.S. Goods trade balance Apr
1230 U.S. Wholesale inventories Apr
1800 Federal Reserve issues Beige Book on economic
condition (Reporting by Manolo Serapio Jr.; editing by Richard Pullin)