GRAINS-Wheat rebounds on supply worries; corn, soybeans firm

SINGAPORE, March 20 (Reuters) - Chicago wheat futures rose on Thursday, recouping last session's losses as the dollar pared gains and slowing grain shipments from top supplier Russia raised concerns over supplies.

Soybeans rose for the first time in three sessions, while corn gained for a second day in a row.

FUNDAMENTALS

The most-active wheat contract on the Chicago Board of Trade (CBOT) Wv1 rose 0.6% to $5.67 a bushel, as of 0023 GMT, soybeans Sv1 added 0.3% to $10.11 a bushel and corn Cv1 rose 0.5% to 4.64-1/4 a bushel.

Russia's seaborne grain exports dropped by 52.3% year-on-year in February to 2.4 million metric tons, shipping data from industry sources showed on Wednesday.

Russia, the world's top wheat exporter, shipped grain to global markets at a record pace in the first part of the 2024/25 marketing season, which began on July 1 last year, but a February export quota and bad weather at ports led to a sharp decline in exports.

However, traders are also monitoring results of a call between the leaders of the U.S. and Ukraine regarding Russia's invasion of Ukraine. An end to hostilities would be bearish news for wheat futures as it would create more security for Black Sea exports.

Commodity funds were net sellers of CBOT corn, soybean, soymeal, soyoil and wheat futures contracts on Wednesday, traders said. COMFUND/CBT

MARKET NEWS

U.S. stocks bounced on Wednesday after the U.S. Federal Reserve left its key interest rate unchanged but hinted it would reduce borrowing costs by half a percentage point by the end of the year. MKTS/GLOB

The dollar pared gains against the euro on Wednesday, after the Fed held interest rates steady as expected, but indicated policymakers expect to cut borrowing costs by half a percentage point by the end of this year. USD/

DATA/EVENTS (GMT)

0100 China Loan Prime Rate 1Y, 5Y Mar

0700 UK Claimant Count Unem Chng Feb

0700 UK ILO Unemployment Rate Jan

0700 UK HMRC Payrolls Change Feb

1200 UK BOE Bank Rate Mar

1230 US Initial Jobless Clm 15 Mar, w/e

1230 US Philly Fed Business Indx Mar

1400 US Existing Home Sales Feb