BEIIJNG, Dec 4 (Reuters) - Chicago soybean futures dropped on Monday as the prospect of downpours in drought-stricken Brazil, the biggest global supplier, offset concerns over lacklustre output, while corn and wheat also dipped after a brief rally last week.
FUNDAMENTALS
* The most-active soybean contract on the Chicago Board of Trade (CBOT) was down 0.68% at $13.15-3/4 a bushel by 0159 GMT.
* CBOT wheat contract was down 0.21% at $6.01-1/2 a bushel and corn slipped 0.52% to $4.82-1/4 a bushel.
* Agribusiness consultancy Stonex on Friday lowered its forecast for Brazil's 2023/24 soybean crop to 161.9 million metric tons, compared with previous outlook of 165.03 million tons.
* Algeria's state grains agency OAIC has issued an international tender to purchase a nominal 50,000 metric tons of durum wheat, European traders said on Sunday.
* The U.S. Department of Agriculture confirmed private sales of 132,000 metric tons of U.S. soybeans to China, and another 198,000 tons to unknown destinations, all for delivery in the 2023/24 marketing year that began Sept. 1.
* Ukraine, a major global grain producer, has harvested almost 77 million tons of grain and oilseeds from the new 2023 harvest so far, the agriculture ministry said on Friday.
* French cereal sowings had again made little progress last week while crop ratings extended their fall, farm office FranceAgriMer data showed on Friday, in a sign that heavy rainfall since last month has taken a toll on crops.
MARKETS NEWS
* Asian shares started the week on a firmer note while gold hit another record high in a busy week for economic data that will test market wagers for early and aggressive rate cuts from major central banks next year.
(Reporting by Mei Mei Chu; Editing by Sherry Jacob-Phillips)
