October 3, 2019 / 3:14 AM / in 20 days

GRAINS-Wheat rebounds from heavy losses but checked by slow U.S. sales

    * Wheat rebounds from losses of 2% on Wednesday
    * Soybeans nearly flat on Chinese buying, U.S. supply
    * Corn little changed after 1.2% decline in previous session

    By Colin Packham
    SYDNEY, Oct 3 (Reuters) - U.S. wheat futures edged higher on
Thursday, rebounding from losses of 2% in the previous session,
although gains were still held back amid signs that North
American supplies remain uncompetitive into key markets in Asia.
    Soybeans were near flat after posting losses of 0.6% in the
previous session, and corn was little changed.
    The most active wheat futures on the Chicago Board of Trade
 were up 0.2% at $4.90-1/4 a bushel by 0307 GMT, after a
big drop on Wednesday as U.S. supplies struggled to compete
against major exporters in the Black Sea and Europe. 
    "The gains in prices elsewhere are allowing Russian wheat
prices to rise and yet remain the most competitive offer
throughout much of Asia," said Tobin Gorey, director of
agricultural strategy, Commonwealth Bank of Australia.
    Market attention now turns to latest U.S. Department of
Agriculture (USDA) export data. 
    Analysts are expecting a USDA report on Thursday to show
weekly wheat export sales in a range from 200,000 tonnes to
600,000 tonnes, below typical volumes for this time of year.
    Last week, the USDA said 283,156 tonnes were exported.
    Egypt's state grains buyer, the General Authority for Supply
Commodities, said on Wednesday it bought 60,000 tonnes of French
wheat in a tender for shipment over Nov. 5-15.
    The most active soybean futures were near unchanged at
$9.13-1/4 a bushel, after closing down 0.6% on Wednesday.
    Despite the drop in the previous session, recent Chinese
buying and the USDA's surprisingly low estimate for U.S. soybean
stocks provide a floor to losses.     
    Chinese companies purchased up to 600,000 tonnes of U.S.
soybeans on Monday as part of a tariff-free quota allotted to
importers to buy as much as 2 million tonnes, two sources with
knowledge of the deals said. 
    The USDA on Monday pegged U.S. soybean supplies at 913
million bushels as of Sept. 1, below the average estimate for
982 million bushels. 
    Soybean stocks, however, were up 108% from a year earlier,
largely due to a drop in U.S. exports to China. 
    The most active corn futures were unchanged at
$3.87-3/4 a bushel, having closed down 1.2% in the previous
    INTL FCStone's forecast for this year's U.S. corn harvest
added to the bearish tone. The firm on Tuesday raised its
estimate of the average U.S. 2019 corn yield to 169.3 bushels
per acre, from 168.4 in its previous monthly report
 Grains prices at  0306 GMT
 Contract      Last  Change  Pct chg   MA 30   RSI 
 CBOT wheat  490.00    1.00   +0.20%  479.32     54
 CBOT corn   387.75    0.00   +0.00%  370.33     68
 CBOT soy    913.50   -0.25   -0.03%  879.03     67
 CBOT rice    11.74   $0.02   +0.17%  $11.94     37
 WTI crude    52.79   $0.15   +0.28%  $56.14     30
 Euro/dlr    $1.096  $0.000   +0.00%               
 USD/AUD     0.6713   0.001   +0.15%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 RSI 14, exponential

 (Reporting by Colin Packham; Editing by Tom Hogue)
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