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GRAINS-Corn extends losses on U.S. harvest pressure, wheat firms

Naveen Thukral

* Corn ticks lower as U.S. harvest set to gather pace next month Wheat rise after 5 sessions of losses, soybeans little changed

(Adds details, quote) SINGAPORE, Sept 26 (Reuters) - Chicago corn futures slid for a second session on Thursday as domestic harvest gathered pace.

Wheat rose after five sessions of decline, although gains were capped by ample supplies and stiff competition in the international market. The most-active corn contract on the Chicago Board Of Trade was down 0.1% at $3.74 a bushel by 0335 GMT, wheat firmed 0.3% to $4.78-1/2 a bushel and soybeans were down just a quarter of a cent at $8.89 a bushel. "Buyers in Asia are waiting to see U.S. corn crop yields," said a Singapore-based trader. "Harvest will pick up pace next month." U.S. farmers have harvested just 7% of the crop as compared with the average pace of 11%, the U.S. Department of Agriculture (USDA) said on Monday. This year's crop was planted late due to heavy rains and flooding across the U.S. Midwest. In the soybean market, the spotlight was on U.S.-China trade war. U.S. President Donald Trump said on Wednesday a deal to end a nearly 15-month trade war with China could happen sooner than people think and that the Chinese were making big agricultural purchases from the United States, including beef and pork.

The comments helped relieve pressure triggered when Trump criticized Beijing's policy in his address at the United Nations on Tuesday, reviving worries that China's recent buying spree of soybeans might dry up. The USDA said private exporters sold 581,000 tonnes of U.S. soybeans to China for delivery in the 2019/20 marketing year that began on Sept. 1. U.S. wheat remains uncompetitive in the international market. Egypt's state grains buyer, the General Authority for Supply Commodities, said it bought 300,000 tonnes of Russian and French wheat for shipment Oct. 26 through Nov. 5. Commodity funds were net sellers of Chicago Board of Trade corn, wheat, soybean, soyoil and soymeal futures contracts on Wednesday, traders said.

Grains prices at 0335 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSICBOT wheat 478.50 1.25 +0.26% -0.67% 475.79 45CBOT corn 374.00 -0.25 -0.07% -0.20% 368.30 67CBOT soy 889.00 -0.25 -0.03% -0.59% 876.34 58CBOT rice 11.92 $0.03 +0.21% -0.67% $11.85 45WTI crude 56.51 $0.02 +0.04% -1.36% $56.42

Currencies

Euro/dlr $1.096 $0.002 +0.17% -0.53%USD/AUD 0.6759 0.001 +0.13% -0.59%

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

(Reporting by Naveen Thukral; Editing by Aditya Soni)