CANBERRA, Sept 11 (Reuters) - Chicago wheat edged up on Monday after a war of words over negotiations to reopen a Black Sea export corridor for Ukrainian grain, but prices remained near last week's 14-week low thanks to large supply of cheap wheat from Russia.
Soybean and corn prices also rose, with traders of all three grains waiting for updated crop estimates from the U.S. government on Tuesday.
FUNDAMENTALS:
* Most-active Chicago Board of Trade (CBOT) wheat futures were up 0.1% at $5.96-1/2 a bushel at 0110 GMT after falling to $5.91 on Friday, the lowest since May 31.
* CBOT soybean futures were 0.5% higher at $13.69-1/2 a bushel and corn rose 0.2% to $4.84-3/4 a bushel.
* The European Union castigated Russia on Saturday for pulling out of the Black Sea grain deal, but Russia demanded that its conditions be met and Turkey's president said any initiative on the deal that isolates Russia would likely fail.
* Russia quit the Black Sea agreement in July, raising fears that Ukrainian grain would be cut off from world markets.
* Wheat has continued to flow, but Ukrainian government data showed a sharp fall in grain exports to 467,000 metric tons between Sept. 1 and Sept. 7. Traders said this could be due to Russian attacks and blockades on Ukrainian ports on the Danube River Black Sea.
* Work is ongoing to diversify Ukraine's export routes and Romania was set on Friday to approve a plan to upgrade road infrastructure in the Black Sea port of Constanta, helping more Ukrainian grain to transit.
* Bumper Russian exports and poor overseas demand for U.S. wheat supplies has hung over the wheat market.
* The U.S. Department of Agriculture (USDA) reported U.S. export sales in the week to Aug. 31 of 370,300 metric tons for 2023/2024, up 13% week-on-week but down 11% from the prior four-week average.
* The USDA issues its monthly World Agricultural Supply and Demand Estimates (WASDE) report on Sept. 12, with traders expecting revised forecasts from a month ago.
* In the corn market, FranceAgriMer said an estimated 80% of French grain maize crops were in good or excellent condition by Sept. 4, down from 82% the previous week.
* Ukrainian farmers have started the 2023 corn harvest, agriculture ministry data showed.
* Expectations for large corn and soy supplies from South America have limited price gains for both grains despite hot and dry weather in the United States that has damaged crops.
* In the soy market, the U.S. government said on Friday that exporters sold 121,000 metric tons of U.S. soybeans to China for delivery in the 2023/24 marketing year.
* Commodity funds were net sellers of corn, wheat and soyoil but net buyers of soybeans and soymeal on Friday, traders said.
* Official data meanwhile showed that large speculators increased their net short position in Chicago corn in the week to Sept. 5 while reducing their net short position in wheat and cutting their net long position in soybeans.
MARKETS NEWS
The U.S. dollar index registered an eighth straight week of gains on Friday while global stock indexes ended slightly higher on the day ahead of key U.S. inflation data in the coming week. (Reporting by Peter Hobson; Editing by Rashmi Aich)
