GRAINS-Wheat recovers from 3-month low, soybeans rise on China demand hopes

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Expectations of China easing COVID-19 curbs support corn,soy

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Wheat market falls to 13-month low as Black Sea supplyweighs

(New throughout; updates byline, dateline previouslySINGAPORE/PARIS)

By Christopher Walljasper

CHICAGO, Dec 5 (Reuters) - Chicago wheat dipped onMonday, pressured by higher global supplies despite strongerthan expected weekly U.S. exports, analysts said.

Corn eased, pressured by lower wheat, though dry conditionsin South America added support. Soybeans traded near even,underpinned by export demand and strong meal trade, though wheatweighed on the oilseed as well, traders said.

The most-active wheat contract on the Chicago Board of Trade(CBOT) was down 24 cents at $7.37 a bushel as of 12:06 pm(1806 GMT), after falling to $7.34-3/4, its lowest since October28, 2021.

Soybeans slipped 1-1/4 cents to $14.37-1/4 a bushel,while corn lost 6-3/4 cents to $6.39-1/2 a bushel.

Russian wheat export prices fell last week amid a recordharvest in Russia and active supplies from the Black Sea,analysts said.

"The largest exporter in the world is setting the pricetone, and it's lower," said Don Roose, president of U.S.Commodities.

Australia is expected to produce a record wheat crop of 62million tonnes this year, according to the federal AustralianBureau of Agricultural and Resource Economics (ABARES), despitewidespread flooding in eastern regions of the country.

Ukraine's wheat exports fell to 1.58 million tonnes inNovember from 1.98 million tonnes in October, the UGA Ukrainiangrain traders union said on Monday.

Meanwhile Pakistan plans to import 450,000 tonnes of wheatfrom Russia ahead of the next crop season.

Corn and soybean futures followed lower, though losses werelimited on adverse weather in key producing areas of SouthAmerica, including a prolonged drought that has left over athird of early planted soybeans in Argentina's core farmingregion in regular-to-poor condition.

"Beans tried to follow through to the upside several timestoday, and they're just not able to hold onto the strength,"said Ted Seifried, vice president at Zaner Group.

"We're not getting global end users concerned enough to stepup and make purchases. At least for now, there's no sense ofurgency."

Soybeans also found strength in export optimism, as U.S.exporters sold 130,000 tonnes of soybeans for delivery to China,according to the U.S. Department of Agriculture.

Further easing of COVID-19 quarantine rules in some Chinesecities could increase demand for U.S. commodities, traders said.

China is set to announce the further easing of its COVIDcurbs as early as Wednesday, sources told Reuters.

During the week ended Dec. 1, U.S. exporters prepared334,653 tonnes of wheat for export, beating expectations in aReuters poll of analysts.

Corn export inspections of 524,313 tonnes and soybeaninspections of 1.72 million tonnes were within tradeexpectations.(Reporting by Christopher Walljasper; Additional reporting byNaveen Thukral and Sybille de La Hamaide; Editing by Jan Harvey)

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