GRAINS-Wheat hits lowest since May amid plentiful supply

CANBERRA, Aug 4 (Reuters) - Chicago wheat futures on Monday fell to their lowest level since May, and near their lowest since 2020, as ongoing harvests in the Northern Hemisphere kept the market well supplied.

Corn and soybean futures edged higher. Both crops remain under pressure from expectations of a large U.S. harvest but corn has some support from brisk U.S. export demand propelled by its low price.

FUNDAMENTALS

* The most-active wheat contract on the Chicago Board of Trade (CBOT) Wv1 was down 0.1% at $5.16-1/2 a bushel at 0129 GMT after falling to $5.15, its lowest since May 14. Prices are now a whisker from May's five-year low of $5.06-1/4.

* CBOT corn Cv1 was up 0.2% at $4.11-1/2 a bushel and soybeans Sv1 rose 0.1% $9.89-3/4 a bushel.

* Consultants Sovecon on Friday cut their forecast for Russia's 2025 wheat crop to 83.3 million metric tons from 83.6 million tons, but a harvest of that size would be large by historical standards and many other countries are on track for large production years.

* French farmers had gathered 89% of this year's soft wheat crop by July 28, well ahead of the five-year average, data from farm office FranceAgriMer showed.

* In Argentina, recent rainfall improved soil moisture reserves for the 2025/26 wheat crop, the Buenos Aires Grains Exchange said.

* Growing conditions in Australia have also improved after widespread rain in July.

* The U.S. Department of Agriculture will issue an update on the nation's spring wheat harvest in a weekly report on Monday.

* New U.S. tariffs on dozens of trading partners are meanwhile raising fears that trade disputes could impact U.S. farm exports. A sharp fall in the U.S. dollar on Friday, which often spurs demand by making U.S. exports cheaper for overseas buyers, failed to lift prices. .DXY USD/

* Large speculators increased their net short positions in CBOT wheat, corn and soybeans in the week to July 29, regulatory data showed.

MARKETS NEWS

* Asian share markets followed Wall Street lower on Monday as fears for the U.S. economy returned with a vengeance, spurring investors to price in an almost certain rate cut for September and undermining the dollar. MKTS/GLOB