SINGAPORE, April 11 (Reuters) - Chicago corn futures gained more ground on Thursday as investors evened out positions ahead of a U.S. government report that is likely to show a decline in stockpiles.
Wheat and soybean prices edged lower, although tensions in the Black Sea region kept a floor under the wheat market.
FUNDAMENTALS
* The most-active corn contract on the Chicago Board of Trade (CBOT) was up 0.3% at $4.35-1/2 a bushel, as of 0010 GMT. Wheat fell 0.1% to $5.58 a bushel and soybeans gave up 0.2% to $11.63 a bushel.
* Market participants are adjusting their positions before the release of U.S. Department of Agriculture (USDA) monthly global supply-demand data and Brazilian agency Conab's national crop forecasts on Thursday.
* The USDA report is projected to show that 2023-24 U.S. corn ending stocks fell to 2.102 billion bushels from 2.172 billion bushels last month, according to a Reuters survey of analysts. They predicted wheat and soybean stocks will rise.
* The market is also monitoring conditions for U.S. corn and soybean plantings that are expected to accelerate in the coming weeks.
* Russian strikes on southern Ukraine encouraged light short-covering in wheat earlier, traders said. Both countries are major grain exporters.
* The USDA confirmed private sales of 254,000 metric tons of U.S. soybeans for delivery to undisclosed destinations in the marketing year that will begin on Sept. 1, 2024. The department is scheduled to issue weekly U.S. grain and soybean export sales data on Thursday.
* Commodity funds were net buyers of CBOT corn, wheat and soyoil futures contracts on Wednesday, traders said. Funds were net sellers of soybean and soymeal futures contracts.
MARKET NEWS
* Treasury yields surged while equity indexes sank on Wednesday after data showed U.S. consumer prices rose more than expected in March, diminishing hopes for how much and how soon the Federal Reserve can cut interest rates.
DATA/EVENTS (GMT) 0130 China PPI, CPI YY March 1215 EU ECB Refinancing Rate April 1215 EU ECB Deposit Rate April 1230 US Initial Jobless Clm Weekly 1230 US PPI Machine Manuf'ing March (Reporting by Naveen Thukral; Editing by Sherry Jacob-Phillips)
