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GRAINS-Soybeans up for 2nd session, U.S.-China trade talks in focus

SINGAPORE, May 8 (Reuters) - Chicago soybean futures rose for a second session on Wednesday, with focus on whether the latest round of talks between Washington and Beijing this week will be able to stop an escalation in a festering trade dispute between the two.

FUNDAMENTALS

* Traders are monitoring any news on the talks as a deal to resolve the trade war could trigger accelerated commodities purchases by China, helping to reduce massive U.S. stockpiles of soybeans.

* Chinese Vice Premier Liu He will travel to Washington for two days of talks this week, China said on Tuesday, setting up a last-ditch bid for a deal that would avoid a sharp increase in tariffs on Chinese goods ordered by U.S. President Donald Trump.

* Soybeans were the single most valuable U.S. agricultural export crop and until the trade war China bought $12 billion-worth a year from U.S. farmers. The dispute, however, has slashed shipments of U.S. soy to China.

MARKET NEWS

* Asian equities tracked Wall Street's slide on Wednesday as the latest developments in the U.S.-China trade conflict fanned fresh fears about global growth, driving support for safe-haven government bonds.

DATA/EVENTS (GMT)

0600 Germany Industrial Output MM MarchN/A China Exports YY AprilN/A China Imports YY AprilN/A China Trade Balance USD April

Grains prices at 0110 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSICBOT wheat 440.25 0.75 +0.17% +0.69% 454.73 44CBOT corn 367.50 1.00 +0.27% +0.89% 368.10 51CBOT soy 832.50 1.75 +0.21% +0.27% 884.72 11CBOT rice 10.92 -$0.02 -0.18% +2.01% $10.75 68WTI crude 61.59 $0.19 +0.31% -1.06% $63.09

Currencies

Euro/dlr $1.119 $0.000 +0.03% -0.04%USD/AUD 0.7015 0.000 +0.06% +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 Joseph Radford)