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U.S. corn drops on profit-taking; wheat, soybeans edge higher

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Chicago corn futures dipped in Asian trading on Wednesday, as traders chose to pocket profits from recent gains spurred by expectations of tight U.S. supplies, while risks of a global economic slowdown also weighed on sentiment.

Wheat rose slightly in range-bound trade amid concerns over Black Sea supplies in the wake of Russia’s criticism of a diplomatic deal allowing grain shipments from Ukraine. Soybeans were also slightly firmer.

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FUNDAMENTALS

* The most-traded corn contract on the Chicago Board of Trade (CBOT) was down 0.3% at $6.91 a bushel, as of 0245 GMT, extending losses after hitting its strongest level since June 27 on Monday.

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* Wheat climbed 0.4% to $8.63-1/2 a bushel, while soybeans added 0.4% to $14.85-1/4 a bushel.

* Argentine soybean farmers have sold around 57% of the 2021/22 crop, the agriculture ministry said on Tuesday citing data through last week, reflecting a boost after the government offered them a preferential foreign exchange rate.

* Some U.S. railroads will start halting crop shipments on Thursday, a day ahead of a potential work stoppage, an agricultural association and sources at two grain cooperatives said on Tuesday, threatening exports and feed deliveries for livestock.

* The United Nations is trying to broker a resumption of Russian ammonia exports through Ukraine, a Western diplomat said on Tuesday, a move that could stabilize a landmark deal allowing Ukrainian food and fertilizer shipments from Black Sea ports.

* France, the European Union’s biggest grain grower, on Tuesday reduced its forecast for this year’s drought-hit maize crop by 1 million tonnes to the lowest level since 1990.

MARKET NEWS

* Asian shares tumbled, the dollar held firm and the U.S. yield curve was deeply inverted, as a white-hot U.S. inflation report dashed hopes for a peak in inflation and fueled bets that interest rates may have to be raised higher and for longer.

DATA/EVENTS (GMT)

0600 UK CPI YY Aug

1230 US PPI Machine Manufacturing Aug

(Reporting by Enrico Dela Cruz in Manila; Editing by Subhranshu Sahu)



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