GRAINS-Wheat rises after dropping to 4-mth low, soybean prices firm

Feb 20 (Reuters) - Chicago wheat prices rose on Wednesday after falling for the last three sessions to their lowest since late October on concerns over poor demand for U.S. supplies. Soybean prices gained ground on expectations of a trade deal between Washington and Beijing, with the market recouping some of last session's losses.

FUNDAMENTALS

* The most-active Chicago Board of Trade wheat contract had risen 0.3 percent to $4.91-1/4 a bushel by 0134 GMT, after dropping to its lowest since Oct. 26 at $4.88-1/2 a bushel in the last session.

* Soybeans gained 0.1 percent to $9.01-3/4 a bushel, while corn added 0.5 percent to $3.71-3/4 a bushel.

* A lack of demand for U.S. wheat is pressuring prices. Instead of opting for U.S. wheat, Syria's General Establishment for Cereal Processing and Trade bought 200,000 tonnes of Black Sea origin wheat in its latest international purchasing tender, a government source said.

* Trading house Agrocorp secured a tender to supply 50,000 tonnes of wheat to Bangladesh, and is expected to draw grain from Russia to fulfil the deal, according to officials with the state grains buyer.

* Hopes for a trade deal between Washington and Beijing are supporting U.S. soybean prices, although stiff competition from Brazil is limiting gains.

* U.S. President Donald Trump said on Tuesday that trade talks with China were going well and suggested he was open to pushing off the deadline to complete negotiations, saying March 1 was not a "magical" date.

* China is the world's biggest soybean importer while the United States is the second largest exporter.

* The U.S. Department of Agriculture is expected to release its forecasts for U.S. 2019 corn, soybean and wheat plantings this week at its annual Outlook Forum.

MARKETS NEWS

* Asian stocks gained a tad on Wednesday after U.S-China trade talks resumed, while investors awaited minutes from the U.S. Federal Reserve for clues on policymakers' thinking on interest rates and its balance sheet reduction policy.

DATA/EVENT AHEAD (GMT)

0030 Australia Wage Price Index Q4 *0700 Germany Producer Prices Jan 0800 South Africa CPI Jan 1100 Britain CBI Trends - Orders Feb

1500 Euro Zone Consumer Confidence Flash Feb

* approx. time U.S. Federal Open Market Committee will release the minutes from its January 29-30 policy meeting at 1900 GMT. Grains prices at 0134 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 491.25 1.50 +0.31% -3.11% 517.06 23 CBOT corn 371.75 2.00 +0.54% -0.80% 377.80 35 CBOT soy 901.75 1.00 +0.11% -0.19% 913.38 37 CBOT rice 10.01 $0.02 +0.20% -2.91% $10.66 12 WTI crude 55.84 -$0.25 -0.45% +2.63% $52.97

Currencies

Euro/dlr $1.135 $0.004 +0.37% +0.50% USD/AUD 0.7168 0.004 +0.53% +0.41%

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)