Wires

GRAINS-Soybeans rise for 3rd session on hopes of U.S.-China trade deal

Naveen Thukral

* Soybeans up on positive comments from U.S., China officials

* Wheat futures tick higher after three sessions of losses

(Adds details in paragraph 5-6, quote in paragraph 7) SINGAPORE, Nov 18 (Reuters) - Chicago soybean futures rose for a third consecutive session on Monday on hopes that a trade deal between Washington and Beijing could be signed soon following a report of "constructive talks" between them over the weekend. Wheat edged higher on bargain-buying following three sessions of decline, although gains were limited by abundant world supplies. The most-active soybean contract on the Chicago Board Of Trade was up 0.3% at $9.20-3/4 a bushel by 0318 GMT, having firmed 0.2% on Friday. Wheat added 0.1% to $5.03-1/4 a bushel, having closed down 1% on Friday, while corn was unchanged at $3.71-1/4 a bushel, having lost 1.2% in the last session. Positive comments on trade from officials in Washington and Beijing have raised hopes of a trade deal. Chinese state media said the two sides had "constructive talks" on trade in a high-level phone call on Saturday that included Vice Premier Liu He, U.S. trade representative Robert Lighthizer and Treasury Secretary Steven Mnuchin. "The fact that the two are still talking at senior levels is a good sign," said Tobin Gorey, director of agricultural strategy at Commonwealth Bank of Australia. "Or, at least it would be a bad sign if the key individuals were not talking." White House economic adviser Larry Kudlow said last week that the two sides were "getting close" to a deal. Traders and farmers are paying close attention to trade negotiations because U.S. agricultural exports have suffered since Beijing imposed retaliatory tariffs on American soybeans and other farm goods as a part of the trade war. China has resumed purchases on U.S. agriculture products as trade negotiations progressed in recent months. The U.S. Department of Agriculture (USDA) data issued on Friday showed China was the top buyer of U.S. soybeans during the week ended Nov. 7, accounting for 61% of the weekly total of 1.256 million tonnes. U.S. oilseed processors crushed a record-large volume of soybeans in October, according to data from the National Oilseed Processors Association. Weekly U.S. corn export sales were in line with analysts' estimates at 581,600 tonnes. Weekly U.S. wheat export sales of 238,600 tonnes were near the low end of forecast.

Grains prices at 0318 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSICBOT wheat 503.25 0.50 +0.10% -1.13% 511.34 41CBOT corn 371.25 0.00 +0.00% -1.07% 385.66 30CBOT soy 920.75 2.50 +0.27% +0.60% 936.62 57CBOT rice 11.96 $0.07 +0.59% +0.34% $12.04 68WTI crude 57.84 $0.12 +0.21% +1.88% $55.39

Currencies

Euro/dlr $1.106 $0.005 +0.48% +0.47%USD/AUD 0.6817 -0.002 -0.29% -0.34%

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)