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GRAINS-Wheat prices rise after deep losses, soybeans underpinned by weather concerns

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SINGAPORE, Nov 28 (Reuters) - Chicago wheat futures rose on Tuesday, with investors looking for bargains after prices slid almost 3 percent over the last two sessions on plentiful world supplies. Soybean prices were little changed after climbing on Monday to their highest since Nov. 9, buoyed by concerns that dry weather in Argentina could crimp supply.

FUNDAMENTALS

* Record global wheat supplies are providing headwinds to U.S. shipments.

* The U.S. Department of Agriculture on Monday reported weekly wheat export inspections of 344,721 tonnes, in line with estimates for 200,000 tonnes to 400,000 tonnes.

* U.S. wheat export inspections are down 5.9 percent so far in this marketing year compared with 2016/17.

* Russian wheat export prices fell slightly last week due to stronger competition in the international market.

* Black Sea prices for Russian wheat with 12.5 percent protein content for December delivery were $190.5 a tonne free on board (FOB) at the end of last week, down $0.5 from a week earlier, said agriculture consultancy IKAR.

* Soybean prices are being lifted by dry weather across Argentina.

* Below-average rain in the first two weeks of December will complicate planting of late-sown corn and soybeans in most of Argentina's central grains belt, meteorologists told Reuters on Monday.

* After abundant rains in the first half of the year, the southern hemisphere spring - which began in September - has brought lower-than-normal precipitation to the world's No. 3 corn and soybean exporter.

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

MARKET NEWS

* Asian shares stepped back from decade highs on Tuesday on worries about another sharp sell-off in Chinese stock markets, while the U.S. dollar trod water ahead of a crucial vote on tax reform in the world's largest economy.

DATA/EVENT AHEAD (GMT)

0700 Germany Import prices Oct 0900 Euro zone Lending and money supply Oct 1200 Germany GfK consumer sentiment Dec 1330 U.S. Advance goods trade balance Oct 1330 U.S. Wholesale inventories Oct 1400 U.S. Monthly home price index Sep 1400 U.S. S&P/Case-Shiller home prices Sep 1500 U.S. Consumer confidence Nov

1500 U.S. Senate Banking Committee holds hearing on nomination of Jerome Powell to be chairman of the Federal Reserve.

Grains prices at 0142 GMT

Contract Last Change Pct chg MA 30 RSI CBOT wheat 430.25 2.00 +0.47% 430.25 32 CBOT corn 339.25 0.50 +0.15% 339.25 37 CBOT soy 995.25 -0.75 -0.08% 995.25 61 CBOT rice 12.26 -$0.04 -0.28% $12.26 65 WTI crude 57.86 -$0.25 -0.43% $57.86 61

Currencies

Euro/dlr $1.190 $1.190 USD/AUD 0.7606 0.761

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

(Reporting by Naveen Thukral; Editing by Joseph Radford)