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Russia, Ukraine wheat supplies add pressure on Chicago futures
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Soybean price eased this week on beneficial rains in Argentina
SINGAPORE, Jan 6 (Reuters) - Chicago wheat futures edged higher on Friday, but the market is on track for its biggest weekly decline in six months as ample supplies from the Black Sea region weighed on prices.
Soybeans and corn ticked up, recouping some of recent losses with both markets set to end the week in a negative territory.
"At the moment, there are ample supplies of wheat in the market from last year's record Russian crop," a Singapore-based trader said. "We have to see how the U.S. winter crop shapes up for supplies in the second half of the year."
The most-active wheat contract on the Chicago Board of Trade (CBOT) gained 0.4% at $7.50-1/2 a bushel, as of 0309 GMT. Soybeans added 0.5% to $14.78-1/4 a bushel and corn rose 0.5% to $6.55-3/4 a bushel.
For the week, wheat is down 5.3%, its biggest since July 15, soybeans have lost 3%, the most since end-September and corn has dropped 3.4%, its biggest decline since early December.
For wheat, the availability of abundant low-priced supplies from Russia and Ukraine are giving stiff competition to other global exporters, traders said.
Recent rains boosted 2022/23 soybean plantings after delays resulting from a severe drought, the Buenos Aires grains exchange said. Upcoming showers will reduce the stress on crops in southern and western areas, Commodity Weather Group said.
Commodity funds were net sellers of CBOT soybean, corn and soyoil futures contracts on Thursday and net buyers of soymeal and wheat futures, traders said. (Reporting by Naveen Thukral; Editing by Rashmi Aich)
