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Dryness in Argentina rises concerns over 2023 soybean supplies

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U.S. wheat faces threat from extreme winter, corn firms

SINGAPORE, Dec 21 (Reuters) - Chicago soybean futures rose on Wednesday, with a lack of rains in Argentina underpinning the market, although slowing U.S. sales to China limited gains.

Wheat rose on concerns over crop damage in the United States.

"Doubts around Argentina's crops continue. Lower production estimates will come; the question is how much?" the Hightower said in a report.

"Planting is well behind, with only 50.6% completed at of Dec. 15. Conditions are reported at 19% good/excellent versus 85% last year. Some areas that would normally require replanting may be abandoned for this year."

The most-active soybean contract on the Chicago Board of Trade (CBOT) rose 0.1% to $14.79-1/2 a bushel, as of 0348 GMT, wheat added 0.4% to $7.53-3/4 a bushel and corn gained 0.2% to $6.53 a bushel.

Rains in parts of Argentina's corn and soybean growing areas over the weekend have boosted crop prospects, but the world's leading exporter of processed soy has been hit by a historic drought that has prevented many farmers from planting.

Brazil, the world's biggest soybean exporter, is far less impacted by dry conditions, and is expected to begin harvesting soybeans by late-January.

China's November soybean imports from the United States fell 6.9% from a year earlier, data showed on Tuesday, after low U.S. river levels slowed shipping of beans to ports for export.

The world's biggest soybean buyer, China, imported 3.38 million tonnes of the oilseed from the United States last month, down from 3.63 million tonnes a year earlier, according to the General Administration of Customs.

For wheat, temperatures in the United States dropping well below freezing could damage winter wheat crops in parts of the Great Plains that haven't received protective snowcover.

Ukraine's Danube river ports have boosted grains transshipments by 42 times to an all-time high of 6.1 million tonnes so far in 2022, Ukraine's seaport authority said on Tuesday.

Commodity funds were net buyers of CBOT soybeans, soyoil, corn, wheat and soymeal futures contracts on Tuesday, traders said. (Reporting by Naveen Thukral; Editing by Rashmi Aich)