Chicago wheat retreats toward 4-month low on Russian export outlook

CANBERRA, Nov 2 (Reuters) - Chicago wheat futures retreated on Monday toward a 4-month low hit last week as expectations of increased Russian wheat exports outweighed strong demand for US grain.

Corn and soybean futures rose after sharp declines in recent weeks attracted bargain buying.

FUNDAMENTALS

* The most-traded wheat contract on the Chicago Board of Trade (CBOT) was down 0.3% at $6.01-3/4 a bushel at 0128 GMT, while CBOT corn was up 0.4% at $4.49-1/2 a bushel and soybeans rose 0.2% to $12.37-1/4 a bushel.

* Wheat prices are down nearly 25% from a high in early September as speculative investors unwound long positions built up during August.

* Corn futures have fallen nearly 20% from their September highs and soybeans have lost around 8%.

* Expectations of increased Black Sea wheat shipments have grown after sources told Reuters last week that Russia allowed grain export vessels to leave the Sea of Azov for the first time since July 10.

* The disruption to Black Sea exports caused by the Russia-Ukraine war pushed grain prices sharply higher in August, but global supplies have not proved as scarce as some had predicted.

* US wheat and soybean exports have been running at a strong pace recently, partly due to lower prices.

* The European Commission on Friday trimmed its wheat and corn harvest estimates.

* Large speculators expanded their net short position in CBOT wheat in the week ended October 27, regulatory data showed. Speculators also switched to a net short position in corn and reduced their net long position in soybeans.

MARKETS NEWS

* Asian share markets slipped as worries about the sustainability of the AI investment boom loomed over the tech sector, while the high price of oil limited the safe-haven appeal of sovereign bonds. MKTS/GLOB