GRAINS-Corn firms to trade near six-month high on strong demand; wheat rises
SINGAPORE, Dec 30 (Reuters) - Chicago corn futures gained more ground on Monday, with prices trading close to the last session's highest level in six months on strong demand for U.S. supplies and bargain-buying.
Wheat rose for a third consecutive session on worries over Russian supplies, while soybeans inched higher after closing lower in the last session.
FUNDAMENTALS
* The most-active corn contract on the Chicago Board of Trade (CBOT) Cv1 rose 0.2% to $4.54-3/4 a bushel by 0113 GMT, having hit its highest since mid-June at $4.55 a bushel in the previous session.
* Wheat Wv1 gained 0.5% to $5.49-1/4 a bushel and soybeans Sv1 rose 0.2% to $9.91-3/4 a bushel.
* The corn market is drawing support from robust export demand. The U.S. Department of Agriculture reported export sales of U.S. corn in the week to Dec. 19 at 1.7 million metric tons, topping a range of trade expectations for 1.0 million to 1.6 million tons.
* Corn prices have upside potential on bargain-buying as the market dropped to a four-year low in August. End users of the grain have since been taking advantage of the dip, booking purchases in case South American corn harvests falter.
* Conditions for winter wheat crops will worsen in Russia's Central and Volga areas in January as warmer-than-usual weather and excess moisture cause sprouts to keep growing during the winter, the state weather agency said on Saturday.
* Soybean futures have faced pressure in recent weeks on optimism about soybean production in Brazil, the world's top supplier.
* Commodity funds were net buyers of CBOT corn, wheat and soyoil futures contracts on Friday and net sellers of soybean and soymeal futures, traders said. COMFUND/CBT
MARKET NEWS
* Asian shares edged lower as high Treasury yields challenged lofty Wall Street equity valuations while underpinning the U.S. dollar near multi-month peaks. MKTS/GLOB
(Reporting by Naveen Thukral; Editing by Subhranshu Sahu)
((naveen.thukral@thomsonreuters.com; +65-6870-3829; Reuters Messaging: naveen.thukral.thomsonreuters.com@reuters.net))
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