PARIS/SINGAPORE, Aug 3 (Reuters): Chicago wheat futures edged higher on Thursday, steadying after hitting a three-week low, as the market assessed global supply prospects marked by large Russian exports and war-curtailed shipments from Ukraine.
Corn was little changed after also touching a three-week low earlier in the session, while soybeans ticked up following a one-month low on Wednesday, with improving US crop weather still capping prices.
Grain markets were awaiting weekly US export data on Thursday to gauge overseas demand.
The most-active wheat contract on the Chicago Board of Trade (CBOT) was up 0.1% at $6.40-3/4 a bushel by 1143 GMT, after hitting its lowest since July 13 at $6.33-1/4 earlier in the session.
After rising sharply early on Wednesday when Russia attacked Ukraine's main grain port on the Danube river, wheat futures eased as an import tender by Egypt shifted attention back to competition from Black Sea supplies, including Russian wheat.
"The lack of Ukrainian supplies has more or less been factored in and the market is now looking to Russian supplies," said one Singapore-based trader.
"For corn and soybeans, it seems to be mostly favourable weather."
CBOT corn edged down 0.2% to $4.99-3/4 a bushel, after earlier reaching its lowest since July 13. Soybeans added 0.6% to $13.28-3/4 a bushel after slipping on Wednesday to its weakest since June 30.
Moderate temperatures and significant rain projected in much of the Midwest in the first half of August have eased crop worries after a hot spell last month.
Wider financial markets were also subdued as investors continued to digest a U.S. sovereign credit rating downgrade while looking ahead to monthly US jobs data on Friday.
"The macro environment is bearish, Corn Belt forecasts are favorable, and (price) seasonals are bearish," Peak Trading Research said in a note.
