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GRAINS-Soybeans linger near 2-year top on Chinese demand

SYDNEY, Sept 10 (Reuters) - U.S. soybeans edged near a more than two-year high on Thursday underpinned by strong demand from China, the world’s largest importer of the commodity.

FUNDAMENTALS

* The most active soybean futures on the Chicago Board Of Trade were up 0.1% at $9.79-3/4 a bushel by 0122 GMT, after having firmed 0.6% on Friday, when prices hit a June 2018 high of $9.81-3/4 a bushel.

* The most active corn futures were up 0.1% at $3.61 a bushel, having closed down 0.4% in the previous session.

* The most active wheat futures were down 0.2% at $5.45 a bushel, having closed down 0.1% on Wednesday.

* The U.S. Department of Agriculture confirmed soybean sales to China for a fourth straight business day, announcing sales of 238,000 tonnes to the Asian country and another 132,000 tonnes to unknown destinations.

* Traders are eyeing the U.S. Department of Agriculture’s supply and demand reports. Analysts expect the government to lower its forecasts of U.S. 2020/21 corn production and ending stocks, although stockpiles should remain relatively plentiful.

MARKET NEWS

* The euro held onto gains against the dollar on Thursday as traders braced for a European Central Bank meeting to gauge policymakers’ views on the common currency’s recent appreciation and its impact on inflation.

* Oil futures fell in early trade on Thursday, paring overnight gains, on worries about fuel demand after data showed U.S. crude stockpiles rose last week, rather than dropping as expected, and COVID-19 cases continued to rise around the world.

* Asian markets are expected to swing higher on Thursday, after U.S. stocks reversed course from a three-day losing streak that led the technology-heavy Nasdaq into correction territory.

Reporting by Colin Packham; Editing by Amy Caren Daniel

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