Chicago wheat slid almost 1percent on Monday as the market took a breather after rallyingaround 5 percent in the last two sessions on the back of dryweather hitting U.S. yields. Corn gave up 1.5 percent, while soybean prices were littlechanged in early Asian trade.
FUNDAMENTALS * Chicago wheat climbed to its highest in almost ayear at $4.68-1/2 a bushel on Friday as dry weather threatenedto reduce U.S. spring wheat crop production. * Reports of disappointing yields in early harvesting of thehard red winter wheat provided additional support. * Forecaster Commodity Weather Group said that the rainoutlook was still very limited in the western Dakotas andMontana during the next two weeks, which will hinder developmentof spring wheat in those areas. * Concerns about crops in the Black Sea region buoyed wheatprices. Wheat exports from Russia, Ukraine and Kazakhstan wereexpected to fall 3.3 percent to 50.4 million tonnes in theupcoming season, which starts on July 1, according to a Reuterspoll. Production was also seen falling. * The monthly U.S. National Oilseed Processors Associationreport released on Thursday, which showed crushings well aboveanalyst forecasts, was still adding strength to the soybeanmarket. * Large speculators trimmed their net short position inChicago Board of Trade corn futures in the week to June 13,regulatory data released on Friday showed.
* The Commodity Futures Trading Commission's weeklycommitments of traders report also showed that noncommercialtraders, a category that includes hedge funds, trimmed their netshort position in CBOT wheat and trimmed their net shortposition in soybeans.
MARKET NEWS * Asian stocks began the week modestly higher on Mondayafter Wall Street offered little guidance, while sterling andthe euro steadied before the start of talks over the terms ofBritain's exit from the European Union.REUTERS RSD 0731
-- (Reuters) -- C-1-1-DL0435-939909.Xml