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GRAINS-Soybeans edge higher, but South American supplies cap gains

SYDNEY, Nov 6 (Reuters) - U.S. soybeans edged higher on Monday, rebounding from losses of more than 1 percent in the previous session, but gains were checked by a rise in the competitiveness of South American exports amid strong Chinese demand.

FUNDAMENTALS

* The most active soybean futures on the Chicago Board Of Trade rose 0.2 percent to $9.88-1/2 a bushel by 0134 GMT, having closed down about 1.2 percent on Friday.

* The most active corn futures gained 0.4 percent to $3.49-3/4 a bushel, having slid 0.6 percent in the previous session.

* The most active wheat futures were up 0.8 percent at $4.29-1/4 a bushel, having closed little changed on Friday.

* Soybeans pressured by fall in Brazilian currency, making South American supplies cheaper.

* China is expected to buy about 5 million tonnes of soybeans from Brazil for the fourth quarter of 2017, two senior trade sources said, double the 2.49 million tonnes shipped over the same period last year.

MARKET NEWS

* The dollar traded near a three-month high against a basket of currencies on Monday, after the latest batch of U.S. data backed expectations for the Federal Reserve to raise interest rates next month and tighten further in 2018.

* Oil prices hit their highest levels since July 2015 early on Monday as markets tightened, while Saudi Arabia's crown prince cemented his power over the weekend through an anti-corruption crackdown that included high profile arrests.

* A rally in U.S. stocks fizzled, leaving major indexes with modest gains on Friday, as Wall Street was torn between hope that U.S. economic data signals better times ahead and fear Europe's debt crisis will engulf world economies.

DATA/EVENTS (GMT)

0900 Euro Zone Markit Serv Final PMI Oct

Grains prices at 0134 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 429.25 3.50 +0.82% +2.69% 437.06 49 CBOT corn 349.75 1.50 +0.43% +0.43% 350.09 49 CBOT soy 988.50 1.75 +0.18% -0.28% 984.51 50 CBOT rice 11.59 $0.01 +0.13% +0.74% $12.13 33 WTI crude 55.86 $0.22 +0.40% +2.87% $51.98 83

Currencies

Euro/dlr $1.161 $0.000 +0.03% -0.39% USD/AUD 0.7642 -0.001 -0.10% -0.91%

Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential

(Reporting by Colin Packham; Editing by Richard Pullin)