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GRAINS-U.S. soybeans tick up after deep losses, S.American competition caps gains

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SINGAPORE, Nov 27 (Reuters) - Chicago soybean futures edged higher on Wednesday, with bargain buying supporting prices after five consecutive sessions of falls to a two-month low, although stiff competition from South America limited gains. Corn and wheat futures gained ground in early Asian trade.

FUNDAMENTALS

* The most-active soybean contract on the Chicago Board Of Trade (CBOT) climbed 0.3% to $8.86-1/2 a bushel by 0141 GMT, after hitting its weakest since Sept. 27 at $8.83 a bushel in the previous session.

* Wheat gained 0.1% to $5.31-1/2 a bushel, while corn rose 0.1% to $3.67-3/4 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 war started last year.

* 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 favorable 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.

DATA/EVENTS (GMT)

1330 US Durable Goods Oct1330 US GDP 2nd Estimate Q31330 US Initial Jobless Claims Weekly1500 US Consumption, Adjusted MM Oct1900 US Federal Reserve issues Beige Book of economic

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MARKET NEWS

* Asian shares ticked higher as more upbeat signals from Sino-U.S. trade talks fanned hopes of an imminent end to tariff hostilities, which helped offset concerns about a slowing U.S. economy.

Grains prices at 0141 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSICBOT wheat 531.50 0.50 +0.09% -0.28% 518.46 67CBOT corn 367.75 0.25 +0.07% -0.74% 379.32 34CBOT soy 886.50 2.25 +0.25% -0.67% 924.62 25CBOT rice 12.24 -$0.01 -0.04% +0.33% $12.03 72WTI crude 58.20 -$0.21 -0.36% +0.33% $56.37

Currencies

Euro/dlr $1.102 $0.000 -0.03% +0.02%USD/AUD 0.6785 0.000 -0.03% +0.12%

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)