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GRAINS-Soybeans recover from 1-month low, wheat eases for 2nd session

Naveen Thukral

* Soybeans tick higher after dropping to lowest since Oct. 8

* U.S.-China trade deal hopes fade, pressure on soybean prices

(Adds details, quote) SINGAPORE, Nov 14 (Reuters) - Chicago soybeans edged up on Thursday, with bargain buying driving the market higher after prices dropped to a one-month low on dwindling hopes for a trade deal between Washington and Beijing. Wheat slid for a second session, weighed down by ample world supplies, while corn ticked up after closing lower in the last session. The most-active soybean contract on the Chicago Board Of Trade was up 0.1% at $9.16-1/2 a bushel by 0330 GMT. The market on Wednesday dropped to its lowest since Oct. 8 at $9.13-1/2 a bushel. Corn was up 0.1% at $3.75-3/4 a bushel, having closed down 0.7% in the previous session and wheat slid 0.1% to $5.08-3/4 a bushel, having lost 1.5% on Wednesday. "There is a lot of uncertainty over the trade deal," said Phin Ziebell, agribusiness economist at National Australia Bank. "Chinese demand for agriculture products is going to be impacted by the African swine fever." U.S.-China trade negotiations have 'hit a snag' over farm purchases, with China not wanting a deal that looks one-sided in the favour of the United States, the Wall Street Journal said on Wednesday, citing people familiar with the matter. U.S. President Donald Trump on Tuesday dangled the prospect of completing an initial trade deal with China "soon", but offered no new details on negotiations. After markets closed on Tuesday, the U.S. Department of Agriculture said the U.S. corn harvest was 66% complete by Sunday, although behind expectations for 68% completion, and the five-year average of 85%. Abundant world supplies are keeping pressure on wheat prices, even though there are concerns about a cold snap in the U.S. plains. Farm office FranceAgriMer on Wednesday increased its forecast of French soft wheat exports for a second month in a row, adding to expectations that France is benefiting from a big harvest and reduced Russian competition for overseas markets. In monthly supply and demand estimates for major cereals, FranceAgriMer pegged French soft wheat shipments outside the European Union this season at 12.0 million tonnes, up from 11.7 million projected last month, and a new four-year high.

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

Grains prices at 0330 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSICBOT wheat 508.75 -0.25 -0.05% -1.60% 510.95 47CBOT corn 375.75 0.50 +0.13% -0.53% 386.11 37CBOT soy 916.50 1.25 +0.14% -0.05% 936.98 31CBOT rice 11.92 $0.00 -0.04% -0.42% $12.04 46WTI crude 57.45 $0.33 +0.58% +1.14% $55.08

Currencies

Euro/dlr $1.100 $0.000 -0.04% -0.05%USD/AUD 0.6798 -0.004 -0.57% -0.61%

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

(Reporting by Naveen Thukral; Editing by Clarence Fernandez)