SINGAPORE, Feb 15 (Reuters) - Chicago soybean futures lost more ground on Wednesday, with expectations of an all time-high crop in Brazil adding pressure on prices.
Wheat eased although as risks to Black Sea supplies from the ongoing war in Ukraine limited losses.
FUNDAMENTALS
* The most-active soybean contract on the Chicago Board of Trade (CBOT) fell 0.3% to $15.33 a bushel, as of 0110 GMT. Wheat gave up 0.1% to $7.85-1/4 a bushel and corn fell 0.1% to $6.81-1/2 a bushel.
* The Brazilian soybean harvest was 17% complete by Thursday, agribusiness consultancy AgRural said on Monday, while Scoville noted that progress was more advanced in Mato Grosso, Brazil's biggest soybean state.
* Brazilian consultancy Agroconsult lowered its estimate of the country's soybean harvest to 153 million tonnes, down from 153.4 million tonnes previously, but still the largest on record if realized.
* Traders continued to monitor war risks to Black Sea grain supplies. In the latest Russian criticism of a wartime agreement allowing Ukrainian grain exports through the Black Sea, Moscow said on Monday it would be "inappropriate" to extend the deal unless sanctions affecting its agricultural exports were lifted.
* News that military officials in Ukraine issued a warning on Tuesday of a high risk of naval mines drifting around the port of Odesa kept attention on potential disruption to grain trade as fighting in Ukraine intensifies.
* India's 2023 wheat production is likely to rise 4.1% to a record 112.2 million tonnes, the government said on Tuesday, as higher prices prompted farmers to expand crop-growing areas with high-yielding varieties and the weather remained favourable.
* China will increase its efforts to boost the output of soybeans and edible oils, state media reported late on Monday, citing a key rural policy document, as it continues to push for greater self-sufficiency in its key food supplies.
* Commodity funds were net sellers of CBOT soybean, wheat, soymeal and corn futures contracts on Tuesday and net buyers of soyoil futures, traders said.
MARKET NEWS
* The S&P 500 ended Tuesday's volatile session slightly lower while the dollar was barely higher on Tuesday after data showed U.S. consumer inflation stayed sticky in January, pushing out expectations for a Federal Reserve rate-hiking pause.
DATA/EVENTS (GMT) 0700 UK Core CPI YY Jan 0700 UK CPI YY Jan 1000 EU Total Trade Balance SA Dec 1100 EU Reserve Assets Total Jan 1330 US Retail Sales MM Jan 1415 US Industrial Production MM Jan (Reporting by Naveen Thukral)
