Corn drops for fourth session on higher U.S. acreage, stocks

SINGAPORE, July 1 (Reuters) - Chicago corn lost more ground on Monday, with the market trading close to its lowest since 2020, after U.S. government reports showed higher U.S. planting and inventories.

Wheat and soybean prices were largely unchanged in early Asian trade.

FUNDAMENTALS

* The most-active corn contract on the Chicago Board of Trade (CBOT) lost 0.4% to $4.06 a bushel, as of 0018 GMT, after dropped to its lowest since November 2020 on Friday.

* Wheat rose quarter of a cent to $5.73-3/4 a bushel and soybeans were flat at $11.04 a bushel.

* U.S. farmers planted more corn than the government forecast in March and less soybeans, U.S. Department of Agriculture (USDA) data showed on Friday.

* The USDA estimated corn plantings at 91.5 million acres, above analysts' expectations for 90.4 million. In March, the agency projected farmers would plant 90 million acres.

* Soybean plantings were pegged at 86.1 million acres, the agency said, down from its March estimate for 86.5 million.

* Meanwhile, U.S. stocks of corn, soybeans and wheat as of June 1 were higher than the same time last year, the USDA said.

* For wheat, the USDA estimated total U.S. wheat plantings at 47.2 million acres, compared to its March estimate for 47.5 million and 49.6 million acres in 2023.

* World wheat stocks are forecast to decline to a nine-year low in 2024-25, after adverse weather hurt crops in top-supplier Russia.

* Agricultural consultancy SovEcon said on Friday it had cut its 2024/25 Russian wheat export forecast to 46.1 million metric tons from 47.8 million tons, reflecting a smaller expected crop.

* Large speculators increased their net short position in CBOT corn futures in the week to June 25, regulatory data released on Friday showed.

* The Commodity Futures Trading Commission's weekly commitments of traders report also showed that noncommercial traders, a category that includes hedge funds, increased their net short position in CBOT wheat and increased their net short position in soybeans.

MARKET NEWS

* Global stock indexes edged lower on Friday, reversing early gains, while Treasury yields rose and the U.S. dollar declined as investors absorbed data that showed U.S. monthly inflation was unchanged in May.

DATA/EVENTS (GMT, June) 0145 China Caixin Mfg PMI Final 0600 UK Nationwide house price MM, YY 0750 France HCOB Manufacturing PMI 0755 Germany HCOB Manufacturing PMI 0800 EU HCOB Mfg Final PMI 0830 UK S&P Global Mfg PMI 1200 Germany CPI, HICP Prelim YY 1345 US S&P Global Mfg PMI Final 1400 US ISM Manufacturing PMI (Reporting by Naveen Thukral; Editing by Rashmi Aich)