SINGAPORE, Sept 5 (Reuters) - Chicago wheat futures rose on Tuesday, regaining some of last week's lost ground as expectations of lower output in key exporting countries, including Australia underpinned the market.
Corn and soybeans rose with expectations of dry weather in the U.S. Midwest likely to hit yields.
FUNDAMENTALS
* The most-active wheat contract on the Chicago Board of Trade (CBOT) was up 1% at $6.01-1/2 a bushel, as of 0015 GMT, having given up more than 4% last week.
* Corn gained 0.7% to $4.85 a bushel and soybeans rose 0.4% to $13.74-3/4 a bushel.
* Several top-producing nations have noted production issues, including Australia, Argentina and Canada.
* Australia's wheat output is forecast to drop by 800,000 metric tons to 25.4 million tons from an earlier estimate and decline 36% from last year as dry weather curbs yields, Australian Bureau of Agricultural and Resource Economics and Sciences said on Tuesday.
* The Buenos Aires grains exchange said the 2023/24 wheat crop had taken a hit from extreme weather. Canada, the world's No. 4 wheat exporter, last week estimated lower output due to dry weather.
* Turkish President Tayyip Erdogan said after talks with Russia's Vladimir Putin on Monday that it would soon be possible to revive the grain deal that the United Nations says helped to ease a food crisis by getting Ukrainian grain to market.
* Russia quit the deal in July - a year after it was brokered by the United Nations and Turkey - complaining that its own food and fertiliser exports faced serious obstacles.
* Russia's IKAR agriculture consultancy said Moscow could export 49.5 million metric tons of wheat in the 2023/24 season, 2 mmt more than it previously forecast, based on a revised estimate for the country's wheat crop to 91.0 mmt from an earlier 89.5 mmt.
* Egypt's state grains buyer bought about a half a million metric tons of Russian wheat in a private deal, four traders told Reuters, succeeding in negotiating lower prices than those offered in the more traditional tenders.
* In the soybeans market, concerns that dry weather harmed U.S. beans at a key development stage have fuelled a price rally.
* Large speculators trimmed their net short position in Chicago corn futures in the week ended Aug. 29, regulatory data released on Friday showed.
* The Commodity Futures Trading Commission's weekly commitments of traders report also showed that non-commercial traders, a category that includes hedge funds, increased their net short position in CBOT wheat and raised their net long position in soybeans.
MARKET NEWS
* Global shares rose on Monday, lifted by a growing expectations that the U.S. Federal Reserve will not raise interest rates again, and by hopes that China's steady drip feed of policy stimulus might stabilise the economy.
DATA/EVENTS (GMT) 0130 Australia Current Account Balance SA Q2 0130 Australia Net Exports Contribution Q2 0145 China Caixin Services PMI Aug 0430 Australia RBA Cash Rate Sept 0750 France S&P Global Serv PMI Aug 0750 France HCOB Composite PMI Aug 0755 Germany HCOB Services PMI Aug 0755 Germany HCOB Composite Final PMI Aug 0800 EU HCOB Serv Final PMI Aug 0800 EU S&P Global Comp Final PMI Aug 0830 UK Composite Final PMI Aug 0830 UK Reserve Assets Total Aug 1400 US Factory Orders MM July (Reporting by Naveen Thukral; Editing by Sherry Jacob-Phillips)
