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GRAINS-Soybeans gain for second session on strong demand, wheat eases

SINGAPORE, Oct 6 (Reuters) - Chicago soybean futures ticked higher for a second session on Tuesday, with strong demand underpinning prices although rapidly progressing U.S. harvest kept a lid on the market.

Wheat slid after two sessions of gains, while corn was marginally lower.

FUNDAMENTALS

* The most-active soybean contract on the Chicago Board Of Trade (CBOT) rose 0.3% to $10.24-1/4 a bushel, as of 0048 GMT. Wheat lost 0.5% to $5.81-1/4 a bushel and corn slipped 0.1% to $3.79-1/4 a bushel.

* The U.S. Department of Agriculture (USDA) on Monday morning said weekly export inspections of soybeans totalled 1.667 million tonnes, topping market forecasts that ranged from 1.05 million to 1.55 million tonnes.

* China, by far the world’s biggest soybean importer, has been actively buying U.S. beans.

* U.S. soybean harvest was 38% complete as of Sunday, the USDA said in a weekly crop progress report on Monday, ahead of the five-year average of 28% and the average estimate in a Reuters analyst poll of 36%.

* The U.S. corn crop was 25% harvested, the USDA said, just ahead of the five-year average of 24% but behind the average analyst estimate of 26%.

* The wheat has been supported in the last two sessions by concerns over dryness in key exporting nations.

* French soft wheat shipments outside the European Union in September fell to their lowest monthly level in at least 11 years as activity continued to ease after a poor harvest, an initial estimate based on Refinitiv data showed.

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

MARKET NEWS

* Asia’s stock markets edged higher, cautiously adding to gains made with an improvement in both U.S. President Donald Trump’s health and prospects for a U.S. stimulus package, while bonds and the dollar nursed losses.

DATA/EVENTS (GMT) 0330 Australia RBA Cash Rate Oct 0500 India IHS Markit Svcs PMI Sept 0600 Germany Industrial Orders MM Aug 1230 US International Trade Aug (Reporting by Naveen Thukral; Editing by Rashmi Aich)

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