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Around 55% of US winter wheat area experiencing drought
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Brazil corn output expected to surpass 126 mln T
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Russia suggests renewing Black Sea grain deal for shorter term
SINGAPORE, March 14 (Reuters) - Chicago wheat futures were largely flat on Tuesday, holding on to gains seen in the previous two sessions as concerns over dryness in parts of the U.S. winter crop supported the market.
Corn prices eased on pressure from estimates of record Brazilian crop, while soybeans were little changed.
"There is some dryness in the U.S. which is indicative of lower yields," said Phin Ziebell, agribusiness economist at National Australia Bank.
The most-active wheat contract on the Chicago Board of Trade fell quarter of a cent to $6.84-1/4 a bushel, as of 0329 GMT. Corn lost 0.2% to $6.12-1/2 a bushel and soybeans added quarter of a cent to $14.91-1/2 a bushel.
The U.S. Department of Agriculture's (USDA) National Agricultural Statistics Service in a weekly crop report on Monday rated 17% of the winter wheat in top producer Kansas in good-to-excellent condition, unchanged from the previous week.
Approximately 55% of U.S. winter wheat is produced in an area currently experiencing drought, the USDA said last week, up from 54% a week earlier.
Russia on Monday suggested renewing a deal allowing the safe export of grain from Ukraine's Black Sea ports, but only for half the term of the previous renewal while the United Nations pledged to do everything possible to ensure the agreement's integrity remained intact.
The deal, extended for 120 days in November, is up for renewal on Saturday. But Russian Deputy Foreign Minister Sergei Vershinin said after talks with U.N. officials in Geneva that Moscow was ready to extend the deal for only 60 days, citing restrictions on Russia agricultural exporters.
Large corn and soybean crops in Brazil are expected to provide ample supplies, weighing on prices.
Brazilian farmers are expected to produce the highest volume of corn in history in spite of risks associated with planting delays in some areas, according to a Reuters poll on Monday.
Brazil's total corn production will reach 126.63 million tonnes in the 2022/2023 cycle, up 11.93% from the previous year, a poll including 12 analysts showed.
Brazilian farmers have harvested 53% of the soybean area planted for 2022/23 through last Thursday, agribusiness consultancy AgRural said on Monday, up 10 percentage points from the previous week. At the same time last year, 64% of the Brazilian soy fields had been reaped, said AgRural.
Commodity funds were net sellers of CBOT soybeans, corn, soy meal and soy oil futures contracts on Monday, traders said. Funds were net buyers of CBOT wheat futures, traders said.
(Reporting by Naveen Thukral; Editing by Rashmi Aich and Sherry Jacob-Phillips)
