November 6, 2017 / 3:46 AM / in 9 months

GRAINS-Wheat rises to one-week high on demand hopes, soybean edge higher

    * Wheat rises, recovers from last week's six-month low
    * Soybeans up after Friday's biggest 1-day loss since late

 (Adds details, quotes)
    By Naveen Thukral
    Nov 6 (Reuters) - Chicago wheat futures climbed to a
one-week high on Monday with prices rising on expectations of
demand for U.S. cargoes after the market dropped to a six-month
low last week.
    Soybeans edged higher after suffering their biggest one-day
decline since late September on Friday as Brazilian exporters
give stiff competition to U.S. suppliers.
    The Chicago Board Of Trade most-active wheat contract
gained 0.8 percent at $4.29 a bushel by 0306 GMT, after earlier
in the session rising to $4.29-3/4 a bushel, the highest since
Oct. 27. 
    Wheat on Oct. 31 slid to a six-month low of $4.16-1/4 a
    Soybeans rose 0.1 percent to $9.87-1/2 a bushel,
having closed down 1.3 percent on Friday, the biggest daily loss
since Sept. 25 and corn gained 0.4 percent to $3.49-1/2 a
    Wheat is being supported by expectations of demand for U.S.
supplies after prices dropped to weakest since late April last
    Exporters sold 300,000 tonnes of U.S. hard red winter wheat
to Iraq.
    Last week, the Taiwan Flour Millers' Association purchased
86,000 tonnes of U.S. milling wheat in an international tender. 
    "It is more of bargain-buying in wheat," said one
India-based agricultural commodities analyst.
    "U.S. farmers should reduce planting again this year as it
is for a third year in a row they will not be making any profit
by selling wheat. But there is not a big upside potential in
prices as world inventory is very large."
    Soybeans were pressured by a fall in the Brazilian currency,
making South American supplies cheaper.
    Brazil is expected to win a larger share of China's soybean
imports in coming months, hitting U.S. exporters during the peak
marketing season for their most valuable farm product as the
world grapples with a fifth consecutive bumper crop.
    China is expected to buy about 5 million tonnes of soybeans
from Brazil for the fourth quarter of 2017, two senior trade
sources said, double the 2.49 million tonnes shipped over the
same period last year.
    Argentina is expected to harvest 53 million tonnes of
soybean, its largest cash crop, in the 2017/18 season, the
agriculture ministry said in a statement on Friday. nL2N1N9108
    Large speculators increased their net-short position in CBOT
corn futures in the week to Oct. 31, regulatory data released on
Friday showed. 
    The Commodity Futures Trading Commission's weekly
commitments of traders report also showed that non-commercial
traders, a category that includes hedge funds, increased their
net-short position in CBOT wheat and raised their net-long
position in soybeans.
 Grains prices at  0306 GMT
 Contract    Last    Change  Pct chg  Two-day chg  MA 30   RSI
 CBOT wheat  429.00  3.25    +0.76%   +0.70%       436.11  49
 CBOT corn   349.50  1.25    +0.36%   -0.29%       349.90  49
 CBOT soy    987.50  0.75    +0.08%   -1.18%       984.65  51
 CBOT rice   11.59   $0.01   +0.09%   +1.31%       $12.10  33
 WTI crude   55.74   $0.10   +0.18%   +2.20%       $52.09  82
 Euro/dlr    $1.161  $0.001  +0.05%   -0.37%               
 USD/AUD     0.7651  0.000   +0.01%   -0.79%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 RSI 14, exponential

 (Reporting by Naveen Thukral; Editing by Christian
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