* Soybeans rise, Chinese demand for U.S. beans supports
* Wheat faces pressure from ample global supplies
(Adds details, quotes)
By Naveen Thukral
SINGAPORE, Feb 7 Chicago soybeans gained more ground on Tuesday with prices
underpinned by strong demand for U.S. shipments although gains were curbed as record Brazilian
crop hits the market.
Wheat was little changed after it faced on Monday its biggest one-day loss since early
January, while corn edged higher following a three-day decline.
The Chicago Board of Trade most-active soybean contract was up 0.2 percent at
$10.38-1/4 a bushel by 0258 GMT, having firmed 0.9 percent on Monday.
Wheat remained unchanged at $4.22-1/2 a bushel. It ended down 1.8 percent in the
previous session, its biggest daily fall since Jan. 11. Corn gained as much as 0.1 percent
to $3.64-1/4 a bushel.
The U.S. Department of Agriculture on Monday reported weekly soybean export inspections of
1.636 million tonnes, topping market forecasts that ranged from 900,000 to 1.2 million.
It also revised its week-old soy export inspections to 1.637 million tonnes from 1.631
"Chinese soybean demand seems to be back again after the break," said Ole Houe, an analyst
with brokerage IKON Commodities in Sydney.
"We are seeing some of the biggest crops on record at the same time. The demand is so strong
that soybean prices are well above $10 a bushel."
Wheat prices were pressured by ample global supply.
Brazil, traditionally one of the world's largest wheat importers, exported several shipments
of the grain recently as a large domestic crop and a government subsidy make the exports
competitive abroad, according to data from ports.
In China, corn futures turnover and market open interest on the Dalian Commodity Exchange
soared on Monday, hitting record highs for the contract, as prices in the world's top producer
of the grain jumped to an 18-month high.
The burst of activity came after the government issued its much-anticipated key rural policy
document that underscored Beijing's push to create demand for the country's grains, deepening
efforts to erode the glut that has punished prices.
The most-active corn contract was trading at 1,593 yuan a tonne on Tuesday after
climbing to its highest since June 2015 at 1,632 yuan in the previous session.
Commodity funds were net buyers of CBOT soybean futures contracts on Monday, traders said.
They were net sellers of corn and wheat.
Grains prices at 0258 GMT
Contract Last Change Pct chg Two-day chg MA 30 RSI
CBOT wheat 422.50 0.00 +0.00% -2.76% 420.59 46
CBOT corn 364.25 0.50 +0.14% -0.88% 359.98 51
CBOT soy 1038.25 2.25 +0.22% +0.10% 1031.13 48
CBOT rice 9.49 $0.01 +0.05% -0.47% $9.69 33
WTI crude 53.14 $0.13 +0.25% -1.28% $52.93 51
Euro/dlr $1.072 -$0.006 -0.54% -0.33%
USD/AUD 0.7655 -0.003 -0.36% +0.00%
Most active contracts
Wheat, corn and soy US cents/bushel. Rice: USD per
RSI 14, exponential
(Reporting by Naveen Thukral; Editing by Sherry Jacob-Phillips)