Wires

GRAINS-Wheat rises for 2nd session on lower U.S. planting; soybeans near 8-week low

8-week low@

SINGAPORE, Nov 25 (Reuters) - Chicago wheat futures rose for a second straight session on Monday, underpinned by lower planting in the United States and a decline in Australia's production. Soybeans traded near Friday's eight-week low, with the market weighed down by doubts over a U.S.-China trade deal and improved weather in South America.

FUNDAMENTALS

* The most-active wheat contract on the Chicago Board Of Trade (CBOT) rose 0.4% to $5.20-3/4 a bushel by 0115 GMT.

* Soybeans were unchanged at $8.97 a bushel after hitting their lowest since Sept. 30 at $8.96 a bushel on Friday and corn was flat at $3.68-3/4 a bushel.

* Wheat is being supported by short-covering coupled with worries about a drop in U.S. wheat acres. The slow pace of the U.S. corn and soybean harvest this autumn may have limited the number of winter wheat acres planted for harvest in 2020.

* U.S. farmers planted 45.2 million acres of wheat overall for 2019, the fewest in U.S. Department of Agriculture records dating to 1919. The soybean market is facing pressure because of uncertainty about prospects for a preliminary U.S. trade deal with China, the top global soybean importer.

* Reports last week suggested that the initial deal could be delayed to 2020.

* But U.S. President Donald Trump told Fox News that a deal was "potentially very close," adding to optimism following remarks by Chinese President Xi Jinping that Beijing wanted to work out an initial agreement.

* There was additional pressure on the soybean market as forecasts called for beneficial rains in crop areas of Brazil and Argentina, the world's No. 1 and No. 3 producers. The United States is the No. 2 soybean grower.

* Soybean plantings for the new Brazilian crop (2019-20) have reached 77.3% of the expected area to be planted with the oilseed, a slower pace than seen last year and also lagging the five-year average for the period.

* Large speculators increased their net short position in CBOT corn futures in the week to Nov. 19, regulatory data released on Friday showed.

* The Commodity Futures Trading Commission's weekly commitments of traders report also showed that non-commercial traders, a category that includes hedge funds, trimmed their net short position in CBOT wheat and increased their net short position in soybeans.

MARKET NEWS

* Asian shares made guarded gains as investors braced for another week of likely conflicting commentary on the Sino-U.S. trade dispute, while the outperformance of recent U.S. economic data gave the dollar a leg up on its peers.

DATA/EVENTS (GMT)

0900 Germany Ifo Business Climate New Nov0900 Germany Ifo Curr Conditions New Nov0900 Germany Ifo Expectations New Nov

Grains prices at 0115 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSICBOT wheat 520.75 2.00 +0.39% +0.43% 516.68 58CBOT corn 368.75 0.00 +0.00% +0.55% 381.88 33CBOT soy 897.00 0.00 +0.00% -0.88% 930.81 33CBOT rice 12.18 $0.00 +0.00% +0.66% $12.03 66WTI crude 57.81 $0.04 +0.07% -1.31% $56.01

Currencies

Euro/dlr $1.102 $0.000 +0.01% -0.31%USD/AUD 0.6796 0.001 +0.15% +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 Subhranshu Sahu)