* Chicago corn futures rise for 1st time in 5 sessions * Dry weather seen boosting U.S. harvest gathers pace (Adds details, quote) By Naveen Thukral SINGAPORE, Nov 6 (Reuters) - Chicago corn futures ticked higher for the first time in five sessions on Wednesday, helped by bargain buying, although gains were limited as dry weather is expected to boost the U.S. harvest. Soybeans were little changed, while wheat rose for a second straight session. The most-active corn contract on the Chicago Board Of Trade was up 0.4% at $3.83-1/4 a bushel by 0348 GMT, having dropped to an Oct. 11 low of $3.80-1/2 a bushel in the previous session. Soybeans were little changed at $9.34 a bushel, after ending 0.4% lower on Tuesday, while wheat was up 0.2% at $5.16-1/4 a bushel, having gained 1.1% in the previous session. Dry weather is expected to boost harvest this week across the U.S. Midwest grain belt. Some precipitation is expected over the next week, but the weather is not likely to significantly delay harvesting, according to weather forecaster Maxar. The U.S. Department of Agriculture (USDA) said 52% of the U.S. corn crop was harvested by Sunday, slightly behind market forecasts of 54%. Soybeans were 75% harvested, on par with expectations. The USDA will issue its latest supply and demand report on Friday. The market is anticipating minimal reductions to corn and soybean crop outlooks, despite poor crop weather this year. Concerns over U.S.-China trade talks remain as Beijing pushes President Donald Trump to remove more tariffs imposed in September as part of a "phase one" trade deal. "The talk now is that, if the U.S. President wants to sign the deal on U.S. soil, then China expects some other concession from the United States," said Tobin Gorey, director of agricultural strategy at Commonwealth Bank of Australia. "At present, China's gain from this stage of the negotiation is that the United States is forgoing additional tariffs." The wheat market is being underpinned by estimates of lower production in Australia. Commodity brokerage INTL FCStone said on Wednesday a poll of its clients estimated Australian wheat production during the 2019/29 season would be nearly 20% lower than official estimates. INTL FCStone said its poll of an unspecified number of clients pegged Australian wheat production at 15.54 million tonnes, 19.1% lower than Australia's official estimate of 19.2 million tonnes. Commodity funds were net sellers of CBOT corn, soybean and soyoil futures contracts on Tuesday, and net buyers of soymeal and wheat futures, traders said. Grains prices at 0348 GMT Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 516.25 1.00 +0.19% +1.28% 506.95 55 CBOT corn 383.25 1.50 +0.39% +0.00% 387.81 42 CBOT soy 934.00 -0.25 -0.03% -0.43% 936.60 48 CBOT rice 11.95 -$0.02 -0.17% +0.84% $12.08 46 WTI crude 56.92 -$0.31 -0.54% +0.67% $54.51 Currencies Euro/dlr $1.108 $0.000 +0.03% -0.44% USD/AUD 0.6896 0.000 +0.04% +0.19% Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential (Reporting by Naveen Thukral; Editing by Aditya Soni)
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