Wheat Falls On Large World Supply Corn And Soy Edge Up

(MENAFN- Live Mint) *

Wheat down on weak European prices and large world supplies

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market awaits more results from Pro farmer crop tour

(Updates throughout, updates byline/dateline,)

By Heather Schlitz

CHICAGO, Aug 21 (Reuters) - Chicago Board of Trade wheat futures fell on Wednesday as heavy world supplies and cheap Black Sea exports weighed on prices, ahead of a potential Canadian rail stoppage on Thursday.

Chicago soybean ticked higher as the U.S. Agriculture Department reported a third day of soybean sales to China in a row. Corn futures were choppy as hedge funds unwound short positions and traders monitored the results of a major crop tour.

A stoppage of Canadian freight railway operations would disrupt North America's agricultural supply chain, but a continued stream of cheap Russian wheat exports may blunt any uptick in demand for U.S. grains, Karl Setzer, partner at Consus Ag, said.

"If the strike does happen, I think we might see a bump in demand, but given the price spread between the U.S. and others, it may be limited," Setzer said.

Canada is the world's No. 3 wheat exporter, while the U.S. is No. 4.

The most-active soybean contract on the Chicago Board of Trade (CBOT) was last up 2-1/2 cents to $9.78-1/2 a bushel by 1630 GMT. CBOT corn edged 1/4 cent higher to $3.98-1/4 a bushel, while CBOT wheat eased 11-1/4 cents to $5.22 a bushel.

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