September 29, 2016 / 3:37 AM / a year ago

GRAINS-Soybeans rise 1 pct, wheat ticks up on Australian crop woes

* Chicago soybeans up 1 pct, recoup last session's decline
    * Rains seen hurting Australia's near-record wheat crop

 (Adds details, quotes)
    By Naveen Thukral
    SINGAPORE, Sept 29 (Reuters) - Chicago soybeans bounced back
on Thursday, rising almost 1 percent on strong demand from top
importer China, although expectations of a quickened pace for
the U.S. harvest capped gains.
    Wheat also edged higher as heavy rains in parts of
Australia's eastern grain belt threatened the quality of what is
expected to be a near-record crop, while corn rebounded after
Wednesday's decline.
    Chicago Board of Trade most-active soybean contract 
rose 0.9 percent to $9.53-1/2 a bushel by 0246 GMT, having
closed down 0.7 percent on Wednesday.
    Wheat added 0.1 percent to $4.03-1/2 a bushel, and
corn rose 0.4 percent to $3.30-1/2 a bushel.
    China has been booking U.S. soybean shipments this week,
underpinning the market. 
    "Soybeans are edging higher after an overnight decline but
it's hard to get any big rally in prices because of plentiful
supplies," said Phin Ziebell, agribusiness economist at National
Australia Bank.
    U.S. corn and soybean harvests have been advancing slower
than average, U.S. Department of Agriculture (USDA) data showed
on Monday. But fields are expected to dry out in coming days in
the Midwest grain belts, helping farmers to pick up the pace.
 
    U.S. soybean and corn crops are expected come in at all-time
highs. 
    Australia's east coast will also likely see wetter
conditions than usual for the rest of the year, stoking fears of
wheat output losses in the world's No. 4 exporter of the grain. 
 
    The country's east coast has a 60 percent chance of above
average rainfall from October to December, the Australian Bureau
of Meteorology said on Thursday. 
    "We have had a lot of rain on the east coast, there are
concerns about quality downgrades," said Ziebell.
    "In Western Australia we have had frost damage, and there
some worries about crop yield and quality. Australia is still on
track for a big crop but the question is how much is downgraded
to feed wheat."
    Commodity funds were net sellers of CBOT soybean and corn
futures contracts on Wednesday and net even in wheat. They were
net sellers of soyoil and net even in soymeal. 
    In potentially bearish news for the corn market, China will
impose anti-subsidy duties of between 10 percent and 10.7
percent on imports of the U.S. animal feed ingredient known as
distillers' dried grains, the Commerce Ministry said in a
preliminary ruling. 
    The move was widely expected after the government announced
a similar move on anti-dumping duties last week. 
    
 Grains prices at  0246 GMT
 Contract    Last    Change  Pct chg  Two-day chg  MA 30   RSI
 CBOT wheat  403.50  0.25    +0.06%   -0.12%       408.24  55
 CBOT corn   330.50  1.25    +0.38%   -0.38%       332.80  45
 CBOT soy    953.50  8.00    +0.85%   +0.10%       969.21  40
 CBOT rice   9.68    -$0.06  -0.67%   -1.07%       $9.78   47
 WTI crude   47.10   $0.05   +0.11%   +5.44%       $45.75  60
 Currencies                                                
 Euro/dlr    $1.122  $0.001  +0.06%   +0.07%               
 USD/AUD     0.7690  0.000   +0.00%   +0.31%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 hundredweight
 RSI 14, exponential
 

 (Reporting by Naveen Thukral; Editing by Tom Hogue)

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