GRAINS-Wheat falls around 1 pct on easing worries over Ukraine supply

SYDNEY, Aug 18 (Reuters) – U.S. wheat futures dropped nearly 1 percent on Monday, giving back nearly half their gains from the previous session as fears over potential disruptions to supply from the Black Sea region eased.

FUNDAMENTALS

* Chicago Board of Trade September wheat fell 0.91 percent to $5.41-1/4 a bushel, having closed up 2.6 percent on Friday.

* November soybeans inched down 0.43 percent to $10.43-1/2 a bushel, having firmed 0.38 percent the previous session.

* December corn fell 0.13 percent to $3.76-1/2 a bushel, after gaining 0.94 percent on Friday.

* Ukrainian forces have raised their national flag over a police station in the city of Luhansk that was for months under rebel control, Kiev said on Sunday, in what could be a breakthrough in Ukraine’s efforts to crush pro-Moscow separatists.

* The U.S. Department of Agriculture, in a monthly report last week, put the U.S. corn harvest at a record 14.032 billion bushels, below analysts’ consensus estimate of 14.253 billion, and the soybean crop at a record 3.82 billion bushels, near estimates.

* The National Oilseed Processors Association on Friday reported a surprise increase in the amount of soybeans crushed in July.

MARKET NEWS

* Sterling rose on Monday after the Bank of England indicated that UK interest rates may have to rise even before wage growth recovers, backtracking from earlier comments that prompted markets to push out the risk of a rate hike.

* U.S. stocks ended mixed on Friday, paring an earlier selloff sparked by reports of Ukraine shelling a Russian armored column.

DATA AHEAD (GMT)

0130 China

House prices

July

0200 China

Foreign direct investment

July

0900 Euro zone

Eurostat trade

June

1400 U.S.

NAHB housing market index

Aug Grains prices at 0104 GMT Contract

Last

Change Pct chg Two-day chg MA 30 RSI CBOT wheat

546.25

-5.00 -0.91%

+1.68%

539.98 53 CBOT corn

376.50

-0.50 -0.13%

+0.80%

376.08 54 CBOT soy

1047.50

-4.50 -0.43%

-0.80%

1078.78 21 CBOT rice

$12.73 -$0.02 -0.16%

-0.70%

$13.12 44 WTI crude

$96.87 -$0.48 -0.49%

-0.49%

$99.91 41 Currencies

Euro/dlr

$1.339 -$0.001 -0.07%

+0.20% USD/AUD

0.932

0.000 +0.03%

+0.02% Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential (Reporting by Colin Packham; Editing by Joseph Radford)

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