GRAINS-Wheat sits near 5-year lows as Russian exports increase

CANBERRA, Oct 14 (Reuters) - Chicago wheat futures sat near a five-year low on Tuesday as increasing exports from top shipper Russia focussed attention on abundant global supply.

Soybeans futures edged higher as traders hoped for a deal between Washington and Beijing that would restart Chinese purchases of U.S. beans.

Corn steadied after falling in recent sessions as the ongoing U.S. harvest delivered new grain into the market.

FUNDAMENTALS

* The most-active wheat contract on the Chicago Board of Trade (CBOT) Wv1 was down 0.1% at $4.96-1/4 a bushel at 0022 GMT. Soybeans Sv1 rose 0.1% to $10.09 a bushel and corn Cv1 climbed 0.1% to $4.11 a bushel.

* Prices of all three contracts have fallen in recent years due to plentiful global supply.

* A strengthening of the U.S. dollar over the last month has also weighed on prices by making U.S. exports costlier for buyers with other currencies. .DXY USD/

* CBOT wheat fell to $4.94-1/2 on Monday, its lowest since August 2020.

* Wheat export competition is intensifying as Russian exports increase. Russian wheat export prices fell last week and consultants Sovecon raised their 2025 harvest estimate to 87.8 million tons from 87.2 million tons, reflecting record yields in Siberia.

* Traders also expect large harvests in Argentina and Australia to hit the market over the coming months.

* Crop conditions in most wheat major producers have been benign this year, though consistent rainfall in parts of China is disrupting its harvest.

* In soybeans, attention is locked on China, the biggest soybean importer, which has halted purchases from the United States and is buying instead from South America.

* U.S. President Donald Trump appeared over the weekend to dash hopes of a trade deal to revive Chinese buying after Beijing announced restrictions on rare earth exports, but he and other U.S. officials have softened their rhetoric.

* U.S. Treasury Secretary Scott Bessent said on Monday that Trump should still meet China's Xi Jinping in late October. He said the two nations had "substantially de-escalated" in talks over the weekend.

* Soybean planting for the 2025/26 season in Brazil - the biggest soy producer - is continuing at a rapid pace and could result in a record harvest.

* Analysts polled by Reuters estimated that the U.S. soybean crop was 58% harvested by Sunday and the corn harvest was 44% complete.

MARKETS NEWS

* MSCI's global equities gauge rose almost 1% on Monday, regaining some of the ground lost in Friday's sell-off, but safe-haven gold hit fresh record highs in a sign that uncertainty remained high. MKTS/GLOB