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GRAINS-Soybeans up for 2nd day on strong demand, wheat rebounds

Nov 16 (Reuters) - Chicago soybean futures rose for a second session on Thursday with prices underpinned by strong demand from U.S. processors and expectations of higher imports by top buyer China. Wheat bounced back after suffering its biggest one-day decline since early September in the previous session, while corn was little changed.

FUNDAMENTALS

* U.S. soybean processors accelerated their crush pace in October to the fifth highest on record and second highest ever for the month, the National Oilseed Processors Association said on Wednesday.

* NOPA said that its members crushed 164.242 million bushels of soybeans in October, up from 136.419 million bushels in September. The October crush last year was 164.641 million bushels, which was the highest ever for the month.

* Typically, soybean futures climb after the U.S. harvest ends and farmer selling slows down. The U.S. Department of Agriculture late on Monday said the soybean harvest was 93 percent finished.

* There was additional support for soybeans stemming from expectations of strong demand from China, which buys more than 60 percent of soybeans traded across the globe.

* China will import 100 million tonnes of soybeans in 2017/18, a senior executive at COFCO Corp forecast on Wednesday, topping official U.S. and Chinese estimates for intake by the world's top importer of the oilseed.

* U.S. soybean processors last month squeezed the lowest amount of soyoil from each bushel of beans in two years, according to an industry report on Wednesday, raising concern about the 2017 soy crop's overall oil content.

* Less oil per bushel of beans would mean tighter supplies and higher prices for the vegetable oil used by food and biofuel producers, but could bolster margins for processors.

* Commodity funds were net buyers of Chicago Board of Trade soybean, soyoil, corn and soymeal futures contracts on Wednesday, and net sellers of wheat, traders said.

* In the wheat market the focus is on Egypt which set a tender on Wednesday to buy an unspecified amount of wheat from global suppliers for shipment from Jan. 1-10.

* Egypt, the world's biggest wheat importer, has been buying mainly from the Black Sea region.

MARKET NEWS Asian shares got off to a cautious start on Thursday after Wall Street stumbled despite upbeat U.S. economic news and the Treasury yield curve hit its flattest in a decade as investors priced in more U.S. rate hikes.

DATA (GMT)

0930 U.K. Retail sales Oct 1000 Euro Zone Consumer prices (revised) Oct 1330 U.S. Philadelphia FED business conditions Nov 1415 U.S. Industrial output Oct

Grains prices at 0154 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 421.25 1.25 +0.30% -1.58% 429.97 40 CBOT corn 338.25 0.00 +0.00% +0.22% 347.33 29 CBOT soy 977.00 0.75 +0.08% +0.96% 987.67 52 CBOT rice 12.08 -$0.01 -0.04% +5.09% $11.92 79 WTI crude 55.34 $0.01 +0.02% -0.65% $53.54 49

Currencies

Euro/dlr $1.179 -$0.001 -0.05% -0.09% USD/AUD 0.7594 0.001 +0.09% -0.46%

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

(Reporting by Naveen Thukral; editing by Richard Pullin )