* Chicago soybean futures recover after five sessions of losses
* Stiff competition from South American suppliers trims gains
(Adds quote, updates prices) SINGAPORE, Nov 27 (Reuters) - Chicago soybeans gained ground on Wednesday, with bargain-buying underpinning prices after five consecutive sessions of decline to a two-month low, although stiff competition from South America limited gains. The most-active soybean contract on the Chicago Board Of Trade (CBOT) was up 0.2% at $8.85-3/4 a bushel, as of 0329 GMT. In the previous session, the contract hit $8.83 a bushel, its weakest since Sept. 27. Wheat gained 0.1% to $5.31-1/2 a bushel after closing marginally lower on Tuesday, while corn was flat at $3.67-1/2 a bushel. Chinese buyers scooped up at least 20 cargoes of Brazilian soybeans last week as uncertainty over a trade deal with the United States sent them rushing to lock in supplies, traders said on Monday. Improving South American crop weather also weighed on futures by bolstering soy production prospects for Brazil and Argentina. The United States and China are close to agreement on the first phase of a trade deal, U.S. President Donald Trump said on Tuesday, after top negotiators from the two countries spoke by telephone and agreed to keep working on remaining issues. China is the world's biggest soybean importer and the United States has lost business since the trade dispute started last year. "A U.S. China trade deal might be the opportunity for a thaw once/whence U.S. beans are able to make their way into China in greater volumes," said Tobin Gorey, director of agricultural strategy at Commonwealth Bank of Australia. Brazilian corn exports are forecast to reach a record 41 million tonnes in 2019, according to grain exporter group Anec, bolstered by a weaker local currency and favourable Chicago prices after bad weather affected the U.S. crop. If confirmed, Brazilian exports will have grown by 80% from last year's level of 22.8 million tonnes, according to Anec data. The previous Brazilian corn export record was set in 2015, when the country shipped 30.7 million tonnes, Anec said. Commodity funds were net sellers of CBOT corn, soybean, soymeal and soyoil futures contracts on Tuesday and net even in wheat futures, traders said.
Grains prices at 0329 GMT
Contract Last Change Pct chg Two-day chg MA 30 RSICBOT wheat 531.50 0.50 +0.09% -0.28% 518.46 68CBOT corn 367.50 0.00 +0.00% -0.81% 379.31 34CBOT soy 885.75 1.50 +0.17% -0.76% 924.59 23CBOT rice 12.24 $0.00 +0.00% +0.37% $12.03 73WTI crude 58.24 -$0.17 -0.29% +0.40% $56.37
Euro/dlr $1.102 $0.000 -0.02% +0.03%USD/AUD 0.6789 0.000 +0.03% +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 and Sherry Jacob-Phillips)