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GRAINS-Soybeans snap 3-day rally, hold near 2-year high on Chinese demand

SYDNEY, Sept 21 (Reuters) - U.S. soybean futures edged lower for the first time in four sessions on Monday, though strong demand from world’s top buyer China kept prices near a two-year high.

FUNDAMENTALS

* The most active soybean futures on the Chicago Board Of Trade were down 0.1% at $10.42 a bushel by 0048 GMT, after ending 1.5% firmer on Friday.

* Soybeans hit a two-year high of $10.46-3/4 a bushel last week.

* The most active corn futures were down 0.3% at $3.77-1/2 a bushel, after gaining 0.9% in the previous session.

* The most active wheat futures were down 0.4% at$5.72-3/4 a bushel. It closed up 3.4% on Friday when prices hit a March 27 high of 5.78 a bushel.

* The U.S. Department of Agriculture confirmed U.S. soy sales to China in each of the last 11 business days, including Friday’s announcement of 132,000 tonnes. The USDA also reported sales of 210,000 tonnes of U.S. corn to China and 100,000 tonnes of soymeal to unknown destinations.

* Wheat supported in recent days amid concerns over global supplies.

MARKET NEWS

* The dollar clung to late-week gains on Monday, while the yen and yuan each edged higher, as investors looked ahead to a slew of U.S. Federal Reserve speakers this week and to a decision on the inclusion of Chinese government bonds in a global index.

* Oil prices fell as some oil production was halted in the United States Gulf of Mexico platform as a new tropical storm flared, the third named storm to hit the region in less than a month.

* Asian shares held to tight ranges, as did currencies, as investors awaited developments on U.S. fiscal stimulus and coronavirus vaccines amid a resurgence of infections in Europe.

Reporting by Colin Packham; Editing by Rashmi Aich

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