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Corn, soybeans dip, but wheat holds firm on Ukraine worries

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U.S. corn and soybean futures dipped in Asian trading on Friday, while wheat held firm near the previous session’s 10-week high and was set for a weekly advance on Black Sea supply concerns.

Corn and soybeans were also set for weekly gains as traders assessed the impact of dry weather in crop areas of Argentina and the U.S. Plains.

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* The most-traded corn contract on the Chicago Board of Trade (CBOT) was down 0.4% at $6.85-3/4 a bushel, as of 0210 GMT.

* CBOT soybeans shed 0.1% to $14.55-1/4 a bushel, while CBOT wheat gained 0.3% to $9.13 a bushel.

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* Fears of further disruptions to Black Sea grain trade, which has been hampered by the Russia-Ukraine conflict though partially re-established by a shipping corridor from Ukraine, offset concerns about demand prospects for grains.

* An escalation of the conflict loomed after President Vladimir Putin on Wednesday ordered a Russian mobilization to fight in Ukraine and hinted he was prepared to use nuclear weapons.

* The International Grains Council raised its forecast for 2022/23 global wheat production, partly reflecting an upward revision for the crop in Russia.

* Argentina’s Rosario grains exchange increased its forecast for 2022/2023 soybean production to 48 million tonnes, up from the 47 million tonnes previously forecast.

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* Rosario, however, cut its production forecasts for the country’s corn and wheat crops due to a prolonged drought.

* Last week’s rainfall was not enough to reverse drought impacts in Argentina’s main breadbasket, the Buenos Aires Grains Exchange said, adding that a dip in wheat yields was likely for the major grains-producing country.

* Macroeconomic worries capped this week’s gains for the markets, as central banks, including the U.S. Federal Reserve, raised interest rates further and flagged more hikes to bring inflation under control.


* A towering U.S. dollar kept other currencies pinned near multi-year lows, while Asian stocks limped towards a fourth straight weekly decline, following Fed members’ projections for aggressive hikes and persistently high rates over the next year or so.


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1800 Federal Reserve Chair Jerome Powell gives opening remarks at the “Fed Listens: Transitioning to the Post-pandemic Economy” event in Washington (Reporting by Enrico Dela Cruz in Manila; Editing by Subhranshu Sahu)


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