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GRAINS-Soybeans post first rise in nine sessions, supplies cap gains

Naveen Thukral

* Soybeans rise from near 3-month lows, wheat recoups losses

* Ample supplies, U.S.-China trade deal uncertainty limit gains

(Adds quote) SINGAPORE, Dec 3 (Reuters) - Chicago soybeans edged higher on Tuesday after hitting a near three-month low in the previous session, with abundant global supplies and uncertainty over a U.S.-China trade deal limiting the gains. Wheat rose after closing down more than 1% while corn gained for a second session. The most-active soybean contract on the Chicago Board Of Trade was up 0.4% at $8.73-3/4 a bushel by 0149 GMT, after hitting a Sept. 11 low of 8.68 on Monday. Wheat added 0.4% to $5.37-1/4 a bushel and corn rose 0.1% at $3.82-1/2 a bushel. "Look at all the reaction to trade drama, the soybean market is sensitive to it," said Phin Ziebell, agribusiness economist at National Australia Bank. "There are limited concerns about the supply as Brazilian crop looks big." Soybeans remained under pressure as traders nervously awaited signs of a deal between the United States and China to end their damaging trade war. U.S. President Donald Trump on Monday said U.S. legislation backing protesters in Hong Kong did not make trade negotiations with China easier but added he believes Beijing still wants a deal. Soybean export inspections dropped to 1.545 million tonnes from 1.952 million tonnes, near the low end of trade estimates. Brazil's 2019/20 soybean harvest could come in at a record 122.7 million tonnes, according to the average forecast in a Reuters survey of 16 market analysts. The U.S. Agriculture Department said on Monday morning corn export inspections fell to 428,856 tonnes in the week ended Nov. 28, from 615,968 tonnes a week earlier, below market forecasts. Wheat export inspections of 246,968 tonnes also were below expectations. Australia on Tuesday cut its wheat production forecast by nearly 20% for the year through June 2020, as an unrelenting drought across the country's east coast will likely see output fall to an 11-year low. In the U.S. Midwest, a blizzard threatens to force some farmers in that key production region to leave their crops standing until the spring. Commodity funds were net buyers of CBOT corn and soymeal futures contracts on Monday, traders said. They were net sellers of CBOT soybeans, wheat and soyoil.

Grains prices at 0319 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSICBOT wheat 537.25 2.00 +0.37% +1.99% 518.81 72CBOT corn 382.50 0.50 +0.13% +2.62% 387.75 53CBOT soy 873.75 3.25 +0.37% -0.94% 919.60 22CBOT rice 12.37 -$0.10 -0.84% -0.16% $12.05 68WTI crude 56.17 $0.21 +0.38% -3.34% $56.48

Currencies

Euro/dlr $1.107 $0.006 +0.51% +0.58%USD/AUD 0.6818 0.005 +0.80% +0.74%

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

(Reporting by Naveen Thukral; Editing by Sriraj Kalluvila)