GRAINS-Soybeans extend gains into third straight session

SYDNEY, Aug 9 (Reuters) - U.S. soybeans rose for a third session in a row on Thursday as soaring Chinese prices fueled expectations that Beijing will accelerate buying of U.S. supplies despite an ongoing trade war between the world's two largest economies.

FUNDAMENTALS

* The most active soybean futures on the Chicago Board Of Trade rose 0.3 percent to $9.13-1/2 a bushel by 0108 GMT, having firmed 0.5 percent on Wednesday when prices hit a high of $9.14 a bushel - the highest since Aug 1.

* The most active corn futures were little changed at$3.85-1/4 a bushel, having closed down 0.2 percent in the previous session.

* The most active wheat futures were up 0.4 percent at $5.72-1/2 a bushel, having closed up 0.3 percent on Wednesday.

* Soybeans have been under pressure amid a trade war between the world's two largest economies, with Beijing slapping additional tariffs of 25 percent on $16 billion worth of U.S. imports.

* However, analysts say U.S. soybean shipments to the world's top importer could revive later in the year after China draws down available supplies in top exporter Brazil.

* U.S. Department of Agriculture (USDA) will on Friday issue its latest monthly crop supply and demand report. The report, the first of the season to include field surveys of U.S. crops, is expected to show larger corn and soy yields and production.

* Corn supported as U.S. models call for a period of warm, dry weather across Iowa and Illinois.

* Wheat prices pushed higher by eroding harvest prospects in Europe, Russia and Australia. German farm cooperatives group DRV said the country's 2018 grain harvest will be the lowest in 24 years.

MARKET NEWS

* Sterling dropped to its lowest levels in almost a year on Wednesday on concerns about Britain's exit from the European Union, while the dollar dipped against a basket of currencies.

* Oil prices slid about 3 percent on Wednesday as a trade dispute between the United States and China escalated further and after Chinese import data showed a slowdown in energy demand.

* The S&P 500 closed slightly lower on Wednesday as falling crude prices and trade jitters held markets in check.

DATA AHEAD (GMT)

0130 China Consumer prices Jul 0130 China Producer prices Jul 1230 U.S. Weekly jobless claims 1400 U.S. Wholesale sales Jun

Grains prices at 0108 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 572.50 2.50 +0.44% +0.75% 520.84 71 CBOT corn 385.25 0.25 +0.06% +0.20% 370.67 64 CBOT soy 913.50 3.00 +0.33% +0.86% 877.18 63 CBOT rice 10.61 -$0.04 -0.38% -2.75% $11.71 9 WTI crude 66.89 -$0.05 -0.07% -3.30% $70.23 33

Currencies

Euro/dlr $1.161 $0.000 -0.02% +0.09% USD/AUD 0.7422 -0.001 -0.12% +0.03%

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)