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GRAINS-Soybeans near 3-month top, Chinese buying supports prices

Naveen Thukral

* Chicago soybean futures rise for a third consecutive session

* China's plans to buy U.S. beans, adverse Midwest weather support

(Adds details, quote) Oct 10 (Reuters) - Chicago soybean futures ticked higher on Thursday, trading below a near three-month high hit in the previous session, as expectations of Chinese buying of U.S. supplies supported the market. Wheat edged higher, while corn lost ground for a second straight session in positioning ahead of a U.S. Department of Agriculture (USDA) report on global supplies and demand later in the day. The most-active soybean contract on the Chicago Board Of Trade (CBOT) added 0.1% at $9.24-1/4 a bushel by 0248 GMT, having climbed to its highest since July 15 at 9.31-1/2 a bushel on Wednesday. Wheat added 0.1% to $5.00-3/4 a bushel and corn gave up 0.1% to $3.93-3/4 a bushel. "U.S.-China trade talks and Chinese buying of U.S. beans are in focus although expectations for the talks are pretty low," said Phin Ziebell, agribusiness economist, National Australia Bank. The soybean market is finding support after the Financial Times reported that the team of China's lead trade negotiator had offered to boost annual purchases of soybeans to 30 million tonnes from 20 million at present, as the two countries seek to resolve their trade dispute. Vice Premier Liu He, China's top trade negotiator, is scheduled to travel to Washington for the next round of trade talks on Oct. 10-11. The market is monitoring a winter storm brewing in the northern U.S. Plains and Rocky Mountains that is expected to bring freezing temperatures late this week into the Dakotas, Nebraska and portions of Minnesota and Iowa. The storm could potentially damage corn and soybean crops. Ahead of the USDA's monthly supply/demand reports, analysts surveyed by Reuters on average expected the government to lower its estimates of U.S. 2019/20 yield, production and ending stocks for both corn and soybeans. Commodity funds were net sellers of CBOT corn, soyoil and wheat futures contracts on Wednesday and net buyers of soybeans and soymeal, traders said.

Grains prices at 0248 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSICBOT wheat 500.75 0.50 +0.10% +2.35% 481.92 70CBOT corn 393.75 -0.50 -0.13% +1.74% 373.29 67CBOT soy 924.25 0.50 +0.05% +0.98% 889.67 74CBOT rice 12.02 $0.01 +0.12% +3.22% $12.00 60WTI crude 52.47 -$0.12 -0.23% -0.30% $55.77

Currencies

Euro/dlr $1.099 $0.004 +0.32% +0.17%USD/AUD 0.6743 0.002 +0.22% +0.18%

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

(Reporting by Naveen Thukral; editing by Uttaresh.V and Subhranshu Sahu)