Wheat climbs as dry weather, Ukraine war put supply risks in focus
Wheat up for 4th day as Russia weather, export risks weigh
Soybeans and corn weaken ahead of USDA supply-demand report
Updates throughout; changes byline and dateline, previous PARIS/SINGAPORE
By Heather Schlitz
CHICAGO, Oct 10 (Reuters) -Chicago wheat extended gains on Thursday as traders assessed whether increased tensions between Russia and Ukraine and persistent dryness in grain production areas around the world may curb global wheat exports, analysts said.
Corn and soybean futures tipped down as investors adjusted positions before a U.S. Department of Agriculture supply-demand report on Friday that will feature new estimates of the U.S. corn and soybean harvests.
"The futures market usually sees significant moves in the October report," said Brian Basting, analyst at Advance Trading. "People are waiting to see if they should go long or short."
The most-active wheat contract on the Chicago Board of Trade Wv1 was up 6-1/2 cents at $6.05-1/2 a bushel by 1650 GMT, rising for a fourth consecutive session.
Russia remained the focus in wheat markets as participants grappled with signs that harsh weather is reducing wheat production in major export zones.
Ukrainian officials also said a Russian missile attack in the Odesa region that killed six people on Wednesday damaged a container ship, the latest vessel to be hit in recent days as Moscow intensifies strikes on Ukraine's ports.
"There's uncertainty around the world and a lot of uncertainty about the Black Sea shipping situation," Basting said. "It's unsettled."
Drought has slowed winter wheat sowing in Russia, while in Argentina the Rosario grains exchange on Wednesday trimmed its estimate for the 2024/25 wheat harvest due to insufficient rainfall.
CBOT soybeans Sv1 were down 3-1/4 cents at $10.17 a bushel and CBOT corn Cv1 lost 1-1/4 cents to $4.19-3/4 a bushel.
The U.S. Department of Agriculture's monthly crop report on Friday will show whether the agency still expects record yields for both crops despite a dry end to the season.
Reporting by Heather Schlitz in Chicago. Additional reporting by Gus Trompiz in Paris and Naveen Thukral in Singapore; Editing by Alan Barona, Sherry Jacob-Phillips, Leroy Leo and Jonathan Oatis
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