CANBERRA, Sept 20 (Reuters) - Chicago wheat futures regained some ground on Wednesday, supported by uncertainty over exports from Ukraine and expectations that dry weather will reduce output in Australia and Argentina.
Corn held onto most of the gains made on Tuesday and soybeans sat near one-month lows as the U.S. harvest for both crops gets underway.
FUNDAMENTALS
* Most-active Chicago Board of Trade (CBOT) wheat futures were up 0.9% at $5.89 a bushel, as of 0116 GMT, after falling 3.4% over the previous two sessions.
* CBOT corn slipped 0.1% to $4.75-3/4 a bushel after rising 1% on Tuesday. Soybeans rose 0.1% to $13.16-3/4 a bushel.
* A cargo vessel carrying 3,000 tons of wheat left the Ukrainian port of Chornomorsk on Tuesday for the first time since a grain export deal with Russia collapsed, raising hopes that it will become easier for Ukraine to ship grain.
* However, three eastern European countries have banned food imports from Ukraine, likely making it harder for Ukraine to export grain overland, analysts at Commerzbank said.
* "Concerns about a noticeably lower Ukrainian supply, especially of wheat and corn, are likely to lend further support to prices in the short term," Commerzbank said.
* Ukraine appealed to Poland, Slovakia and Hungary to embark on "constructive dialogue" to end their dispute.
* Wheat has been driven down by huge shipments from Russia, where export prices continued to decline last week. CBOT wheat futures touched a 33-month low on Sept. 12.
* Supporting prices are expectations that hot and dry weather will reduce southern hemisphere harvests, with Australia declaring on Tuesday that an El Nino weather event was underway in the country.
* European Union data showed that soft wheat exports since the start of the 2023/24 season in July reached 6.32 million metric tons by Sept. 17, down 27% from a year earlier.
* Kazakhstan, meanwhile, said it had harvested 6.6 million metric ton of grains and pulses by Sept. 19, down from 14.2 million tons a year ago, and plans to export about 6 million tons of grains in the 2023/24 season.
* In soybeans, Brazilian crop supply agency Conab projected the country's 2023/24 crop at 162.4 million metric tons, up 5.1% from the previous year.
* CBOT soybean prices hit a five-week low of $13.08 a bushel on Tuesday as U.S. crops struggle to compete with Brazilian supply.
* EU soybean imports in the 2023/24 season reached 2.56 million metric tons by Sept. 17, up 2% from the 2.51 million tons a year earlier.
* Turning to corn, which is sitting near 33-month lows amid a global supply glut, Conab said Brazil's crop would fall by 9.1% to 119.8 million tons.
* EU maize (corn) imports by Sept. 17 in the 2023/24 season were at 3.31 million tons, down 44% from 5.94 million tons a year ago, data showed.
* Commodity funds were net buyers of Chicago corn and soymeal futures on Tuesday and net sellers of wheat, soyoil and soybeans, traders said.
MARKETS NEWS
* Global stocks eased and 10-year Treasury yields almost hit levels last seen in 2007 as a plunge in U.S. homebuilding underscored the balancing act the Federal Reserve faces in presenting its outlook on inflation and the economy this week.
(Reporting by Peter Hobson; Editing by Subhranshu Sahu)
