Wires

GRAINS-Wheat up for second session on strong demand, tightening supplies

SINGAPORE, Oct 24 (Reuters) - Chicago wheat futures rose for a second session on Thursday with prices underpinned by strong demand and tightening world supplies. Soybeans rose although gains were limited by a lack of Chinese buying and U.S. harvest pressure.

FUNDAMENTALS

* The Chicago Board of Trade most-active wheat contract was up 0.2% at $5.21-3/4 a bushel, as of 0042 GMT, soybeans gained 0.1% at $9.34-1/2 a bushel and corn rose 0.3% to $3.88-3/4 a bushel.

* Wheat prices have been supported by expectations of lower production in the Southern Hemisphere.

* Australia's wheat production is expected to drop to 15.5 million tonnes, National Australia Bank said last week as it cut its forecast to well below recent market estimates.

* Grain importers in the Middle East and North Africa have been snapping up wheat cargoes, underpinning prices.

* Beijing on Tuesday offered major Chinese and international soybean processors waivers that would exempt the companies from steep tariffs on imports of up to 10 million tonnes of U.S. soybeans, according to two people briefed on the matter.

* The news, however, failed to unleash a torrent of soybean buying by the world's top soybean importer.

* Commodity funds were net buyers of CBOT wheat, corn, soybean and soymeal futures contracts on Wednesday and net sellers of soyoil futures, traders said.

MARKET NEWS Asian shares pulled ahead on Thursday with corporate earnings buffeting trading as investors remained anxious about the business impact of the Sino-U.S. trade war, while Brexit uncertainties kept overall sentiment in check.

DATA/EVENTS (GMT)

0815 France Markit Mfg, Serv, Comp Flash PMIs Oct0830 Germany Markit Mfg, Serv, Comp Flash PMIs Oct0900 EU Markit Mfg, Serv, Comp Flash PMIs Oct1145 EU ECB Refinancing Rate Oct1145 EU ECB Deposit Rate Oct1230 Germany ECB President Mario Draghi holds a press

conference after interest rate meeting. Governing Council of the ECB holds monetary policy meeting.

1230 US Durable goods Sept1230 US Initial Jobless Claims Weekly1345 US Markit Mfg, Serv, Comp PMIs Oct1400 US New Home Sales-Units Sept

Grains prices at 0042 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSICBOT wheat 521.75 1.00 +0.19% +0.72% 498.61 62CBOT corn 388.75 1.00 +0.26% +0.19% 383.63 48CBOT soy 934.50 0.75 +0.08% +0.05% 913.14 62CBOT rice 11.66 -$0.01 -0.09% -0.34% $11.97 30WTI crude 55.70 -$0.27 -0.48% +2.84% $55.15

Currencies

Euro/dlr $1.113 $0.000 +0.02% +0.06%USD/AUD 0.6845 -0.001 -0.12% -0.15%

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

(Reporting by Naveen Thukral, Editing by Sherry Jacob-Phillips)