GRAINS-Wheat down 1% on large global supplies and slack demand – ZAWYA

GRAINS-Wheat down 1% on large global supplies and slack demand – ZAWYA

GRAINS-Wheat down 1% on large global supplies and slack demand Soybeans rise on strong demand for U.S. biofuel    HAMBURG- U.S. wheat futures fell by more than 1% on Monday as increasing signs of abundant global supply and slack demand weighed on prices while corn and soybeans rose.The Chicago Board of Trade's most active wheat contract fell 1.2% to $5.24-1/2 a bushel by 1101 GMT.Corn was up 0.1% at $3.27-1/2 a bushel and soybeans gained 0.5% to $8.97-1/2 a bushel.The Chicago Board of Trade's most active wheat contract fell 1.2% to $5.24-1/2 a bushel by 1101 GMT.HAMBURG- U.S. wheat futures fell by more than 1% on Monday as increasing signs of abundant global supply and slack demand weighed on prices while corn and soybeans rose.Corn was up 0.1% at $3.27-1/2 a bushel and soybeans gained 0.5% to $8.97-1/2 a bushel.Improved harvest outlooks in major wheat-producing regions was driving losses."Wheat is suffering from an increasingly good supply picture while the COVID-19 crisis continues to cause demand destruction,“ said Matt Ammermann, commodity risk manager at StoneX.Russian agriculture consultancy IKAR on Monday said it had raised its forecast for Russia's 2020 wheat crop to 79.5 million tonnes from 78 million tonnes."Increasing Russian production