SINGAPORE, Dec 29 (Reuters) - Chicago soybean futures slid for the first time in four sessions on Thursday as the market took a breather, although dry weather in Argentina limited losses.
Wheat fell after closing around 1.5% higher on Wednesday on support from cold weather across North America which is threatening the winter crop.
FUNDAMENTALS
* The most-active soybean contract on the Chicago Board of Trade (CBOT) lost 0.1% to $15.11-1/2 a bushel, as of 0109 GMT, wheat gave up 0.3% to $7.38 a bushel and corn fell 0.4% to $6.80-1/4 a bushel.
* Soybean futures continue to find support from South American weather with a lack of rainfall in key growing areas of Argentina threatening the crop.
* The relaxing of health restrictions in China has extended to food imports, as checks have been lifted on imported chilled and frozen foods, beginning Jan. 8.
* However, there is caution in global markets about the short-term impact of China's COVID policy shift, with a surge in infections straining hospitals and prompting some countries to consider new rules for Chinese visitors.
* Wheat has rallied in recent sessions as extreme cold weather gripped the United States, threatening to hurt winter wheat crops already weakened by drought.
* Argentina's farmers have sold 78.9% of the 2021/2022 soybean harvest so far, the agriculture ministry said on Wednesday, as producers continue to benefit from a preferential exchange rate aimed at attracting sorely needed U.S. dollars.
* Wheat prices faced pressure as Russia-focused agriculture consultancy Sovecon raised its forecast for Russia's 2022/23 wheat crop estimate to 101.2 million tonnes, up from the previous estimate of 100.9 million tonnes.
* Commodity funds were net buyers of CBOT soybean, soymeal, corn and wheat futures contracts on Wednesday and net sellers of CBOT soyoil contracts, traders said.
MARKET NEWS
* Equity indexes closed lower on Wednesday while U.S. Treasury yields rose as investors eyed 2023 with caution and weighed hopes for an economic boost from China's relaxed COVID-19 restrictions against concerns about rising infections there.
DATA/EVENTS (GMT) 1330 US Initial Jobless Clm Weekly (Reporting by Naveen Thukral)