November 28, 2017 / 3:35 AM / a year ago

GRAINS-Wheat prices rise after deep losses, soybeans underpinned by weather concerns

    * Wheat ticks higher after falling 3 pct over two sessions
    * Soybeans supported by dry weather in parts of Argentina

 (Adds comment, detail)
    By Naveen Thukral
    SINGAPORE, Nov 28 (Reuters) - Chicago wheat futures rose on
Tuesday, with investors looking for bargains after prices slid
almost 3 percent over the last two sessions on plentiful world
    Soybean prices edged lower after climbing on Monday to their
highest since Nov. 9, buoyed by concerns that dry weather in
Argentina could crimp supply.
    Record global wheat supplies are providing headwinds to U.S.
    "We have had two pretty miserable days for wheat trading,"
said Phin Ziebell, an agribusiness economist at National
Australia Bank.
    "Fundamentally nothing has changed, every year production is
hitting record highs. We are not going to see higher prices in
such an environment."
    The Chicago Board of Trade most-active wheat contract
added 0.4 percent to $4.29-3/4 a bushel by 0311 GMT, soybeans
 eased 0.3 percent to $9.93 a bushel and corn gave up
0.4 percent to $3.37-1/2 a bushel.
    The U.S. Department of Agriculture on Monday reported weekly
wheat export inspections of 344,721 tonnes, in line with
estimates for 200,000 tonnes to 400,000 tonnes.
    U.S. wheat export inspections are down 5.9 percent so far in
this marketing year compared with 2016/17.
    Russian wheat export prices fell slightly last week due to
stronger competition in the international market.
    Black Sea prices for Russian wheat with 12.5 percent protein
content for December delivery were $190.5 a tonne free on board
(FOB) at the end of last week, down $0.5 from a week earlier,
said agriculture consultancy IKAR.
    Soybean prices are being supported by dry weather across
    Below-average rain in the first two weeks of December will
complicate planting of late-sown corn and soybeans in most of
Argentina's central grains belt, meteorologists told Reuters on
    After abundant rains in the first half of the year, the
southern hemisphere spring - which began in September - has
brought lower-than-normal precipitation to the world's No. 3
corn and soybean exporter. 
    Commodity funds were net sellers of Chicago Board of Trade
wheat, corn, and soyoil futures contracts on Monday, traders
said. They were net buyers of soybean and soymeal futures.

 Grains prices at  0311 GMT
 Contract    Last    Change  Pct chg               MA 30   RSI
 CBOT wheat  429.75  1.50    +0.35%                429.75  30
 CBOT corn   337.50  -1.25   -0.37%                337.50  33
 CBOT soy    993.00  -3.00   -0.30%                993.00  58
 CBOT rice   12.24   -$0.05  -0.45%                $12.24  64
 WTI crude   57.74   -$0.37  -0.64%                $57.74  60
 Euro/dlr    $1.190  $1.190                                
 USD/AUD     0.7601  0.760                                 
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 RSI 14, exponential

 (Reporting by Naveen Thukral; Editing by Joseph Radford)
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