Wires

GRAINS-Soybeans rebound from 2-week low, U.S. harvest caps gains

SYDNEY, Oct 28 (Reuters) - U.S. soybean futures edged higher on Monday, rebounding from a two-week low hit in the previous session, though expectations that mild weather conditions will aid North American farmers in sowing crops capped further gains.

FUNDAMENTALS

* The most active soybean futures on the Chicago Board Of Trade were up 0.4% at $9.23-3/4 a bushel, as of 0016 GMT, having closed down 1.4% on Friday when prices hit an Oct. 10 low of $9.19-1/2 a bushel.

* The most active corn futures were down 0.1% at $3.86-1/4 a bushel, having closed unchanged in the previous session.

* The most active wheat futures were little changed at $8.81-3/4 a bushel, having closed up 0.3% on Friday.

* Soybeans were under pressure as U.S. harvest advances.

* U.S. and Chinese officials are "close to finalising" some parts of a trade agreement after high-level telephone discussions on Friday, the U.S. Trade Representative's office and China's Commerce Ministry said, with talks to continue.

* Argentina's presidential election on Sunday is being monitored to see if it changes export tax policy in the major wheat, corn and soybean supplier in the midst of an economic crisis.

MARKET NEWS

* The dollar strengthened on Friday after U.S. and Chinese trade officials neared finalizing parts of the Phase 1 trade pact, according to the U.S. Trade Representative's office.

* Oil prices rose on Friday, registering the strongest weekly gains in more than a month as support from optimism over a U.S.-China trade deal, falling U.S. crude stocks and possible action from OPEC to extend output cuts outweighed broader economic concerns.

Grains prices at 0016 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSICBOT wheat 515.25 -2.50 -0.48% -0.15% 500.44 52CBOT corn 386.25 -0.50 -0.13% -0.13% 384.57 43CBOT soy 923.75 3.50 +0.38% -1.02% 914.61 44CBOT rice 12.04 -$0.02 -0.12% +0.46% $12.19 42WTI crude 56.74 $0.08 +0.14% +0.91% $55.03 72

Currencies

Euro/dlr $1.108 $0.000 +0.03% -0.21%USD/AUD 0.6821 0.000 -0.01% +0.06%

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

(Reporting by Colin Packham, Editing by Sherry Jacob-Phillips)