SINGAPORE, Aug 7 (Reuters) - Chicago wheat gained more ground on Wednesday, with the market underpinned by strong demand and downgrades of the French crop, although ample world supplies limited the upside in prices.
Corn prices eased, while soybeans inched higher.
FUNDAMENTALS
* The most-active wheat contract on the Chicago Board of Trade (CBOT) was up 0.3% at $5.44-3/4 a bushel, as of 0024 GMT. Corn gave up 0.4% to $4.03-3/4 a bushel and soybeans edged 0.1% higher to $10.27-1/2 a bushel.
* Egypt's state grains buyer, the General Authority for Supply Commodities, announced on Tuesday a massive tender for 3.8 million metric tons of wheat to cover imports between October 2024 and April 2025, its largest according to traders.
* On the supply front, this year's soft wheat crop in France, the European Union's biggest producer, is expected to shrink to its lowest level in 41 years at 25.17 million metric tons after heavy rain slashed both the crop area and yields, Argus Media said on Tuesday.
* Expectations of a bumper U.S. harvest added pressure on corn futures and dismal global oilseed demand capped soybean prices.
* Commodity funds were net sellers of CBOT corn, soybean, soymeal and soyoil futures contracts on Tuesday, traders said. Funds were net buyers of CBOT wheat futures, they said.
MARKET NEWS
* Equities around the world rebounded on Tuesday from the previous day's aggressive sell-off while Treasury yields rose and the dollar was slightly higher as investors ventured back into risk assets and central banker comments soothed recession fears.
DATA/EVENTS (GMT) 0600 Germany Industrial Output MM June 0600 Germany Industrial Production YY SA June 0600 UK Halifax House Prices MM July 0600 UK Halifax House Prices YY July 0645 France Reserve Assets Total July N/A China Exports, Imports YY July N/A China Trade Balance USD July (Reporting by Naveen Thukral; Editing by Sherry Jacob-Phillips)
