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Argentina's Rosario exchange further cuts soy, corn forecasts
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Kremlin warns outlook for Black Sea grain deal is 'not so great'
SINGAPORE, April 13 (Reuters) - Chicago soybean futures climbed to a one-week high on Thursday, while corn gained for a second session with a further reduction in Argentina's crop outlook underpinning prices.
Wheat slid, giving up some of the last session's gains, although the losses were limited by Russia's criticism of a deal allowing Ukrainian grain exports.
"Argentina's crop growing areas continue to be dry, which is reducing yields," a Singapore-based grains trader said.
The most-active soybean contract on the Chicago Board of Trade (CBOT) rose 0.6% to $15.12-1/2 a bushel, as of 0234 GMT, after climbing earlier in the session to its highest since April 5 at $15.13 a bushel.
Corn added 0.1% to $6.56-3/4 a bushel, while wheat lost 0.5% to $6.76 a bushel.
Argentina's Rosario grains exchange on Wednesday further cut its forecast for the 2022/2023 soybean harvest to 23 million tonnes, down from the 27 million tonnes previously estimated, as a historic drought pummels the country's agricultural sector.
The exchange also cut its forecast for Argentina's corn output to 32 million tonnes, down from the earlier estimate of 35 million tonnes.
The Kremlin warned on Wednesday that the outlook for extending a deal beyond May 18 that allows the safe wartime export of grain and fertilizer from several Ukrainian Black Sea ports was "not so great", as Russia's own such exports still faced obstacles.
Last month, Russia agreed to renew the Ukraine Black Sea grain export deal for at least 60 days, half the intended period. Moscow said it would only consider a further extension if several demands in relation to its own exports were met.
Soft wheat exports from the European Union in the 2022/23 season that started in July had reached 23.83 million tonnes by April 9, compared with 22.08 million tonnes a year earlier, European Commission data showed on Wednesday.
Markets are looking towards the U.S. Department of Agriculture weekly export sales report on Thursday.
Soybean production in Argentina will fall to a 23-year low and corn production to a five-year low due to drought, the U.S. Department of Agriculture (USDA) said on Tuesday, as it sharply cut its forecasts for Argentina's crops.
But the USDA increased its outlook for Brazil's soy crop to a new record, while holding its projection for bigger corn output there this season.
Commodity funds were net buyers of CBOT corn, soybeans, soymeal and wheat futures contracts on Wednesday, traders said, adding funds were net sellers of soyoil futures. (Reporting by Naveen Thukral; Editing by Sonia Cheema)
