Chicago grains steady after slide with USDA data in focus

Chicago corn and soybean futures edged higher on Thursday, while wheat was little changed, with prices steadying after losses this week as traders monitored Russia-Ukraine war developments and awaited U.S. Department of Agriculture data.

The most-traded corn contract Cv1 on the Chicago Board of Trade was up 0.6% at $5.30-3/4 a bushel by 0941 GMT. CBOT wheat Wv1 inched down 0.1% at $7.28 a bushel, while soybeans Sv1 were 0.5% up at $13.16 a bushel.

Prices have retreated from their highest in around three years, with diplomatic efforts to end Russia's war with Ukraine encouraging profit-taking in the run-up to Friday's USDA supply-and-demand report.

"Renewed Russian comments about restarting U.S.-mediated peace talks gave funds an excuse to trim risk, while tomorrow’s (USDA) report adds another reason not to chase prices before seeing the new numbers," CM Navigator analysts wrote.

The USDA report is being closely watched as a gauge of the impact of adverse weather on U.S. corn and soybean yields as well as the effects of Black Sea disruption on global grain trade.

Analysts polled by Reuters, on average, predict the USDA will reduce its corn yield forecast.