SINGAPORE, March 27 (Reuters) - Chicago corn futures inched lower on Monday, retreating from a more than three-week high hit in the previous session as traders assessed uncertainties about the Black Sea grains deal, although strong Chinese demand lent some support to the market.
Soybean and wheat futures also ticked down.
FUNDAMENTALS
* The most-active soybean contract on the Chicago Board of Trade (CBOT) was down 0.05% at $14.27-1/2 a bushel, as of 0149 GMT. Corn slipped 0.54% to $6.39-1/2 a bushel and wheat fell 0.8% to $6.83 a bushel.
* Morocco has emerged as the biggest export outlet for European Union wheat in 2022/23 as sales to other destinations have been curbed by revived Black Sea competition after war disruption eased.
* Russian business newspaper Vedomosti reported that Moscow could recommend a temporary halt in wheat and sunflower exports. Later, sources told Reuters that Russia had no plans to halt wheat exports, but wanted exporters to ensure prices paid to farmers were high enough to cover average production costs.
* Turkish President Tayyip Erdogan thanked his Russian counterpart Vladimir Putin for his "positive attitude" in extending the Black Sea grain deal and expressed his "understanding of the Russian side's principled position to achieve the full implementation of the second part of the agreement," the Kremlin said in a statement on Saturday.
* Private exporters reported another sale of 204,000 tonnes of corn to China, the U.S. Agriculture Department said on Friday, bringing the total to more than 2.75 million tonnes since March 14.
MARKET NEWS
* Asian shares followed U.S. stock futures higher on hopes authorities were working to ring fence stress in the global banking system, even as the cost of insuring against default neared dangerous levels.
DATA/EVENTS (GMT)
0800 Germany Ifo Business Climate New March
0800 Germany Ifo Curr Conditions New March
0800 Germany Ifo Expectations New March
1100 France Unemp Class-A SA Feb
(Reporting by Mei Mei Chu; Editing by Subhranshu Sahu)
