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Wheat, corn and soybeans fall in the US as fighting in Ukraine enters its second month

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By Mark Weinraub

CHICAGO, US, March 24 (Reuters) – Wheat and corn futures on the Chicago Stock Exchange fell on Thursday as traders said the market had already absorbed supply disruptions from the Black Sea region due to the invasion of Russia to Ukraine a month ago.

* “It seems the market has priced in that there will be a problem with corn and wheat coming out of the Ukraine,” by Chris Robinson, founder of Robinson Ag Marketing.

* Soybean futures were also lower, pressured by a round of profit-taking after three straight days of gains pushed the most active contract to its highest in nearly a month on Wednesday.

* Weak oil and falling global vegetable oil prices added pressure on the soybean market.

* At 1616 GMT, May soybean futures on the Chicago Stock Exchange were down 10.5 cents at $17.0825 per bushel.

* A report from the US Department of Agriculture, which showed weekly export sales of soybeans fell to 399,300 tons, the lowest level since July and less than forecasts between 800,000 and 2.1 million tons, weighing on precious

*Another USDA announcement, according to which private exporters reported the sale of 318,200 tons of soybeans to unknown destinations, kept the decline limited.

* Corn for May was down 9.5 cents at $7.47 a bushel and wheat for the same month was down 11.5 cents at 10.94 cents a bushel.

* Weekly corn export sales came in at 985,600 tonnes, near the lower end of estimates of 900,000 to 2.2 million, and wheat export sales came in at 523,000 tonnes, versus forecasts of 200,000 to 900,000

(Additional reporting by Gus Trompiz in Paris and Naveen Thukral in Singapore; Editing in Spanish by Javier López de Lérida)

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