GRAINS-Wheat rises to one-week high on demand hopes, soybean edge higher

* Wheat rises, recovers from last week's six-month low

* Soybeans up after Friday's biggest 1-day loss since late Sept.

(Adds details, quotes) Nov 6 (Reuters) - Chicago wheat futures climbed to a one-week high on Monday with prices rising on expectations of demand for U.S. cargoes after the market dropped to a six-month low last week. Soybeans edged higher after suffering their biggest one-day decline since late September on Friday as Brazilian exporters give stiff competition to U.S. suppliers. The Chicago Board Of Trade most-active wheat contract gained 0.8 percent at $4.29 a bushel by 0306 GMT, after earlier in the session rising to $4.29-3/4 a bushel, the highest since Oct. 27. Wheat on Oct. 31 slid to a six-month low of $4.16-1/4 a bushel. Soybeans rose 0.1 percent to $9.87-1/2 a bushel, having closed down 1.3 percent on Friday, the biggest daily loss since Sept. 25 and corn gained 0.4 percent to $3.49-1/2 a bushel. Wheat is being supported by expectations of demand for U.S. supplies after prices dropped to weakest since late April last week. Exporters sold 300,000 tonnes of U.S. hard red winter wheat to Iraq. Last week, the Taiwan Flour Millers' Association purchased 86,000 tonnes of U.S. milling wheat in an international tender. "It is more of bargain-buying in wheat," said one India-based agricultural commodities analyst. "U.S. farmers should reduce planting again this year as it is for a third year in a row they will not be making any profit prices as world inventory is very large." Soybeans were pressured by a fall in the Brazilian currency, making South American supplies cheaper. Brazil is expected to win a larger share of China's soybean imports in coming months, hitting U.S. exporters during the peak marketing season for their most valuable farm product as the world grapples with a fifth consecutive bumper crop. 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. Argentina is expected to harvest 53 million tonnes of soybean, its largest cash crop, in the 2017/18 season, the agriculture ministry said in a statement on Friday. nL2N1N9108 Large speculators increased their net-short position in CBOT corn futures in the week to Oct. 31, regulatory data released on Friday showed. The Commodity Futures Trading Commission's weekly commitments of traders report also showed that non-commercial traders, a category that includes hedge funds, increased their net-short position in CBOT wheat and raised their net-long position in soybeans.

Grains prices at 0306 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 429.00 3.25 +0.76% +0.70% 436.11 49 CBOT corn 349.50 1.25 +0.36% -0.29% 349.90 49 CBOT soy 987.50 0.75 +0.08% -1.18% 984.65 51 CBOT rice 11.59 $0.01 +0.09% +1.31% $12.10 33 WTI crude 55.74 $0.10 +0.18% +2.20% $52.09 82


Euro/dlr $1.161 $0.001 +0.05% -0.37% USD/AUD 0.7651 0.000 +0.01% -0.79%

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

(Reporting by Naveen Thukral; Editing by Christian Schmollinger)