GRAINS-Wheat falls to five-year low as Russian exports increase

By Sybille de La Hamaide and Peter Hobson

PARIS/CANBERRA, Oct 14 (Reuters) - Chicago wheat futures fell to a five-year low on Tuesday, on abundant global supplies, including in top exporter Russia, which has accelerated shipments in the past months after a slow start.

Corn futures also slipped under pressure from the ongoing U.S. harvest, while soy traders remained unsure whether a potential Washington-Beijing trade deal would revive Chinese purchases of U.S. beans.

The most-active wheat contract on the Chicago Board of Trade (CBOT) Wv1 fell 0.6% to $4.93-3/4 a bushel at 1051 GMT after touching its lowest since August 2020 at $4.92-3/4 a bushel.

Soybeans Sv1 lost 0.5% to $10.03 a bushel and corn Cv1 eased 0.1% to $4.10-1/2 a bushel.

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

Consultants Sovecon last week raised their Russian wheat production estimate to 87.8 million tons from 87.2 million tons, reflecting record yields in Siberia.

Meanwhile, wheat exports from Russia were speeding up after a slow start.

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

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

"U.S. wheat is now the cheapest in the world and it will likely find support in the near future," Ole Houe, director of advisory services at IKON Commodities in Sydney, said.

In contrast, Chicago corn and soybeans may continue to fall due to U.S. harvest pressure, he said.

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

"The latest escalation in the trade conflict between the U.S. and China comes at a very unfavorable time for U.S. exporters," Commerzbank said in a note.

"However, as the price decline has been rather limited, the market apparently remains hopeful that an agreement will still be reached," it added.

U.S. President Donald Trump appeared over the weekend to dash hopes of a trade deal but he and other U.S. officials have softened their rhetoric.

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.