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Wheat down after Friday's losses on Black Sea supply pressure
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Improved weather in parts of U.S. Plains weighs on wheat
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Soybean futures down on ample Brazilian supplies
SINGAPORE, Feb 27 (Reuters) - Chicago wheat eased on Monday, with the market trading close to a five-week low hit in the previous session, as improved U.S. weather and expectations of an extension of the Black Sea grain deal kept a lid on prices.
Soybeans lost ground, while corn ticked higher.
"A storm on Sunday into Monday will move on a more favourable track for widespread precipitation through the region," Hightower said in a report, referring to the weather in parts of U.S. winter wheat producing regions.
"The 6-10 day and 8-14 day models show above normal precipitation for the central and southern Plains."
The most-active wheat contract on the Chicago Board of Trade (CBOT) lost 0.1% at $7.21 a bushel, as of 0320 GMT, after dropping to its lowest since Jan. 23 at $7.17 bushel on Friday.
Soybeans fell 0.2% to $15.16-1/2 a bushel, while corn gained 0.3% at $6.51 a bushel.
On the first anniversary of Russia's invasion of major grains producer Ukraine, traders largely expect an extension of the Black Sea grain deal that facilitated the flow of Ukrainian crops to world buyers. Struck last year, the agreement has increased competition for suppliers of wheat and corn.
Russian President Vladimir Putin spoke to Turkish counterpart Tayyip Erdogan about the deal on Friday.
In the soybean market, the United States faces competition for export sales from cheaper supplies in Brazil.
Large speculators raised their net long position in CBOT corn futures in the week ended Jan. 31, regulatory data released on Friday showed.
The Commodity Futures Trading Commission's weekly commitments of traders report also showed that noncommercial traders, a category that includes hedge funds, trimmed their net short position in CBOT wheat and raised their net long position in soybeans. (Reporting by Naveen Thukral; Editing by Sherry Jacob-Phillips and Subhranshu Sahu)
