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GRAINS-Wheat firms after heavy losses, gains capped by ample world supplies

Naveen Thukral

* Wheat recovers from lowest since Jan on bargain buying Soybeans firm after two days of decline, corn ticks up

(Adds details, quote) SINGAPORE, March 12 (Reuters) - Chicago wheat futures edged higher on Tuesday but the market was trading not far from last session's 14-month low as abundant world supplies and fund-selling kept a lid on prices. Soybeans firmed after dropping earlier in the session to their lowest in more than 10 weeks on U.S.-China trade concerns. The most-active wheat contract on the Chicago Board of Trade was up 0.4 percent at $4.30 a bushel by 0235 GMT. It closed down 2.5 percent on Monday, after marking its lowest level since January 2018 at $4.27 a bushel. Soybeans added 0.1 percent to $8.91 a bushel, having earlier touched their weakest since Dec. 28 at $8.89 a bushel, while corn rose 0.1 percent to $3.62-1/4 a bushel. "On the supply front, globally there are no issues and on top of that we had fund selling," said one Singapore-based grains trader. Commodity funds were net sellers of CBOT wheat, corn, soybean and soymeal futures contracts on Monday and net even in soyoil, traders said. Global demand for wheat continues to lag despite increasingly competitive prices and early prospects for large harvests in Europe and Russia this year. The U.S. Department of Agriculture said weekly export inspections of wheat totalled 592,001 tonnes in the week ended March 7, in line with analyst forecasts. White House Press Secretary Sarah Sanders on Monday said a date for a trade summit between President Donald Trump and Chinese President Xi Jinping has not been set and negotiations are ongoing. The USDA said private exporters reported the sale of 968,000 tonnes of soybeans for delivery to China during the 2018-19 marketing year. The deal follows the announcement of a 664,000-tonne purchase on Friday, but totals have fallen well short of the 10 million tonnes that U.S. Agriculture Secretary Sonny Perdue said China had promised to buy as part of trade negotiations.

Grains prices at 0235 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSICBOT wheat 430.00 1.50 +0.35% -2.16% 490.49 13CBOT corn 362.25 0.25 +0.07% -0.55% 379.31 33CBOT soy 891.00 1.00 +0.11% -0.53% 918.86 39CBOT rice 10.75 $0.03 +0.28% -0.69% $10.57 60WTI crude 57.11 $0.32 +0.56% +1.85% $55.26

Currencies

Euro/dlr $1.126 $0.001 +0.10% +0.18%USD/AUD 0.7071 0.000 +0.03% +0.37%

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)