GRAINS-Soybeans firm amid China demand questions; wheat gains on Black Sea war risks

BEIJING, Dec 3 (Reuters) - Chicago soybean futures inched higher on Wednesday, supported in part by accelerating U.S. soybean shipments to China after months of tariff-related disruptions, though concerns persist over China's overall purchase pace.

Wheat extended gains for a second straight session on heightened Black Sea war tensions, while corn edged lower.

FUNDAMENTALS

The most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 was up 0.33% at $11.28-1/2 a bushel, as of 0138 GMT.

CBOT wheat Wv1 added 0.18% to $5.42 a bushel and corn Cv1 dipped 0.06% to $4.49-3/4 a bushel.

Traders kept a close eye on China's buying pace of U.S. soybeans. The United States Department of Agriculture reported no new "flash" sales of U.S. soybeans on Tuesday.

U.S. soybean shipments to China are gaining momentum, with at least six bulk cargo vessels scheduled to load with soybeans at Gulf Coast terminals through mid-December, according to a shipping schedule seen by Reuters on Tuesday.

Brazil is projected to harvest a record soybean crop in early 2026, though traders are watching dry spots in the country's southern areas.

War-related risks in the Black Sea remains a concern. Following Ukrainian drone strikes on two oil tankers bound for a Russian port last week, another drone attack hit a Russian-flagged vessel carrying sunflower oil on Tuesday.

A Ukrainian official said Ukraine was not involved in Tuesday's attack, but Russian President Vladimir Putin threatened to cut off Ukraine's access to the sea.

Abundant global wheat supplies -supported by strong harvests in Argentina and Australia - continued to pressure the market.

Traders also monitored cold weather across parts of the U.S. Corn Belt, where wintry conditions have slowed grain movement.

Commodity funds were net buyers of CBOT corn and wheat futures on Tuesday, traders said. COMFUND/CBT

MARKETS NEWS

Global shares rose on Tuesday and both cryptocurrencies and global government bonds stabilised after the previous day's selloff, which was triggered by a looming interest rate hike in Japan.MKTS/GLOB