Wires

GRAINS-Soybeans drop for second day; U.S.-China trade deal eyed

SINGAPORE, Jan 14 (Reuters) - Chicago soybean futures ticked lower on Tuesday although losses were limited by expectations that a Washington-Beijing trade deal will boost demand for U.S. supplies. Corn eased after gaining for the last two sessions, while wheat fell for a second day.

FUNDAMENTALS

* The most-active soybean contract on the Chicago Board of Trade (CBOT) fell 0.1% to $9.41 a bushel by 0213 GMT. Corn gave up 0.1% to $3.89-1/4 a bushel and wheat slid 0.1% to $5.61-1/2 a bushel.

* U.S. Treasury Secretary Steven Mnuchin on Sunday reiterated Washington's position that China has committed to increase purchases of U.S. agricultural products to $40 billion-$50 billion annually. But a lack of detail on the accord has made some traders cautious.

* The agreement, first announced a month ago, helped CBOT soybeans rally at the start of January as it raised hopes that China, the world's biggest soybean importer, would revive imports of U.S. supplies.

* Egypt's General Authority for Supply Commodities (GASC) set a tender to buy an unspecified amount of wheat from global suppliers for shipment from March 1-10. Tender results were expected on Tuesday.

* The U.S. Department of Agriculture last week raised its U.S. 2019 corn and soybean yield estimates, which surprised some traders following unfavorable crop weather last year and a challenging harvest.

* Commodity funds were net buyers of CBOT corn and soymeal futures contracts on Monday and net sellers of soybeans, soyoil and wheat, traders said.

MARKET NEWS

* Asian share markets rose on Tuesday and safe-haven assets slid as signs of goodwill between China and the United States supported optimism for global growth, with the world's two biggest economies preparing to formalize a trade-war truce.

DATA/EVENTS (GMT)

0630 India WPI Inflation YY Dec1330 US CPI MM, SA Decn/a China Trade Balance Dec

Grains prices at 0213 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSICBOT wheat 561.50 -0.75 -0.13% -0.53% 544.18 64CBOT corn 389.25 -0.25 -0.06% +0.91% 384.24 61CBOT soy 941.00 -1.25 -0.13% -0.53% 928.16 48CBOT rice 13.23 $0.00 +0.00% -0.79% $12.97 55WTI crude 58.28 $0.20 +0.34% -1.29% $60.02

Currencies

Euro/dlr $1.114 $0.000 +0.02% +0.13%USD/AUD 0.6889 -0.001 -0.20% -0.17%

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)