GRAINS-Chicago soybeans retreat from 10-month high; wheat rises

BEIJING, May 15 (Reuters) - Chicago soybean futures fell from 10-month highs on Thursday, pressured by weaker soyoil prices after crude oil tumbled on a surprise build in U.S. inventories.

Corn also came under pressure, while wheat stabilised after hitting its lowest level in nearly five years in the previous session.

FUNDAMENTALS

* The most-active CBOT soybean contract Sv1 dropped 0.81% at $10.69 a bushel, as of 0128 GMT, after rising for five consecutive sessions.

* Soybean oil BOcv1 slumped 4.28% to 50.08 cents per pound, marking the biggest daily drop since July 2024.

* Corn Cv1 eased 0.06% to $4.45-2/8 per bushel, while wheat Wv1 rose 0.05% to $5.25 a bushel.

* An unexpected build in U.S. crude oil inventories last week raised investor concerns about oversupply, indirectly weighing on biofuel-related commodities like soybean oil and corn.

* Optimism over a temporary truce in the U.S.-China trade war offered some price support for soybeans. However, traders and analysts voiced caution ahead of the U.S. marketing season.

* Agribusiness consultancy AgResource on Wednesday warned that U.S. soybean exports may drop 20% and prices will plunge if the U.S. and China fail to resolve their trade dispute.

* Focus is now on the U.S. Department of Agriculture's weekly export sales report, due later in the day.

* Corn prices face additional headwinds from the approaching Brazilian harvest. The country's 2024-25 corn output is forecast at about 125 million metric tons, according to the Brazilian Association of Corn and Sorghum Producers.

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

MARKET NEWS

* Global shares gained and major Wall Street indexes were mixed on Wednesday as trade tensions eased between the world's two largest economies, and the U.S. dollar steadied after recent losses. MKTS/GLOB

DATA/EVENTS (GMT)

0600 UK GDP Est 3M/3M, MM, YY Mar

0600 UK Services MM, YY Mar

0600 UK Manufacturing Output MM Mar

0600 UK GDP Prelim QQ, YY Q1

0645 France CPI (EU Norm) Final MM, YY Apr

0645 France CPI YY, MM NSA Apr

0900 EU GDP Flash Estimate QQ, YY Q1

1100 EU Reserve Assets Total Apr

1230 US Initial Jobless Clm 10 May, w/e

1230 US Philly Fed Business Indx May

1230 US PPI Machine Manuf'ing Apr

1315 US Retail Sales, Industrial Production MM Apr

1430 US EIA-Nat Gas Chg Bcf, Nat Gas-EIA Implied Flow 9 May, w/e