SINGAPORE: Chicago wheat futures ticked lower on Wednesday, with a lack of demand for U.S. cargoes adding pressure on prices, although concerns over Black Sea supplies and lower output in Australia provided a floor under the market.

Soybeans edged higher. Corn was largely unchanged.



* The most-active wheat contract on the Chicago Board of Trade (CBOT) fell quarter of a cent $6.27-1/2 a bushel, as of 0026 GMT. Soybeans added 0.3% to $13.57-3/4 a bushel and corn was unchanged at $6.08 a bushel.

* Stiff competition in the wheat export market is weighing on Chicago futures.

* The lowest offer presented at an Egyptian state purchasing tender for wheat on Tuesday was $229 per tonne for 55,000 tonnes of Russian wheat on a free-on-board basis, traders said. No U.S. wheat was offered in the tender.

* However, a forecast of lower output in Australia, the world's second-largest exporter, limited the price decline.

* Australia's production of winter crops is set to fall from record highs, with wheat output seen declining more than 30%, the country's agricultural department said, as forecasters predict dryness due to the El Nino weather pattern.

* Wheat and barley production will drop by 34% and 30% to 26.2 million tonnes and 9.9 million tonnes, respectively. Both figures are below the 10-year average.

* Russia's foreign ministry said on Monday that it saw no prospects for extending the Black Sea grain export deal, which is set to expire in mid-July, Russian news agencies reported.

* Private exporters reported the sale of 165,000 tonnes of soybeans for shipment to Spain in the 2022/23 marketing year, the U.S. Agriculture Department said on Tuesday morning.

* Commodity funds were net buyers of CBOT corn, soybean, wheat and soyoil futures contracts on Tuesday, and net sellers of CBOT soymeal, traders said.



* World shares edged higher, as investors mulled whether a recent rally in stocks has legs to run further, while Treasury yields drifted higher as traders pared bets that U.S. rate cuts are on the horizon given sticky price pressures.


DATA/EVENTS (GMT) 0300 China Exports, Imports YY May 0300 China Trade Balance May 0600 Germany Industrial Output MM April 0600 Germany Industrial Production YY April 0600 UK Halifax House Prices MM, YY May 0645 France Reserve Assets Total May 1230 US International Trade April 1900 US Federal Reserve issues Consumer Credit for April (Reporting by Naveen Thukral; Editing by Rashmi Aich)