GRAINS-Soybeans tumble on downpours in drought-stricken Brazil

GRAINS-Soybeans tumble on downpours in drought-stricken Brazil

CHICAGO, Nov 22 (Reuters) - Chicago soybean futures lost more than 1% on Wednesday as rain fell in Brazil, easing worries over the persistent dryness and heat that has plagued crops in the top exporting nation, analysts said.

Wheat rose on shipping concerns in the Black Sea after Russia's strike on port infrastructure, while corn moved lower.

Showers in Brazil this week were expected to give soybean growing areas "modest relief," before hot, crop-stressing conditions return next week, Commodity Weather Group said.

"You're really not going to encourage a lot of folks to come in and go long when you have rain falling across a lot of the crop area," said Angie Setzer, partner at Consus Ag Consulting.

Brazil's soybean crop is expected to reach a record 161.6 million metric tons in 2023/24, agribusiness consultancy Agroconsult said, despite weather issues.

CBOT soybeans Sv1 fell 20-3/4 cents to close at $13.56-1/2 per bushel.

The most-active wheat contract Wv1 on the CBOT finished up 1-3/4 cents to $5.84-1/2 a bushel and hit its highest price since Nov. 9.

Chicago wheat found support from Russia's strike on port infrastructure in Ukraine's southern city of Odesa on Tuesday that rekindled concerns over Kyiv's wartime shipping channel through the Black Sea.

"It still shows that's something that is a risk," Setzer said. "Some folks are saying the more that you see Russia hit Ukraine in these little ways, the higher the risk that Ukraine fires back and does something to limit Russian exports."

Russia is the world's biggest wheat exporter, and Ukraine is a major shipper of corn and wheat.

The wheat market also found support after the U.S. Department of Agriculture confirmed sales of 110,000 metric tons of U.S. soft red winter wheat to China in the 2023/24 marketing year.

CBOT December corn CZ3 settled down 1-1/4 cent at $4.68-3/4 per bushel.