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GRAINS-Soybean prices rise on U.S.-China trade hopes

SINGAPORE, Aug 14 (Reuters) - Chicago soybean futures climbed for a second session on Wednesday, supported by easing U.S.-China trade tensions and concerns over dryness in parts of the U.S. Midwest. Corn gained ground on bargain-buying after dropping almost 10% in the last two sessions, the biggest 2-day drop in six years, while wheat was up 1%. FUNDAMENTALS * The Trump Administration will delay imposing a 10% tariff on certain Chinese products, including laptops and cellphones, that had been scheduled to start next month, the Office of the U.S. Trade Representative said on Tuesday. * Chinese Vice Premier Liu He had a telephone conversation with U.S. trade officials, China's Ministry of Commerce said in a statement on Tuesday. Liu spoke with U.S. Trade Representative Robert Lighthizer and U.S. Treasury Secretary Steven Mnuchin. * U.S. President Donald Trump on Tuesday cited China for not following through with expected large purchases of U.S. agricultural products but appeared hopeful that Beijing's stance could change. * Corn prices have been weighed down by expectations of a bigger U.S. crop. * The USDA surprised grain markets on Monday by raising its outlook for this year's U.S. corn production as it reduced its estimate of rain-hit plantings by less than expected while increasing its harvest yield projection. * For the 2019/20 crop year, the corn harvest will total 13.901 billion bushels, based on an average yield of 169.5 bushels per acre, the USDA predicted in its monthly supply and demand report. * Ukrainian farmers have almost completed the 2019 wheat harvest, threshing 27.9 million tonnes from 98% of the sown area, the agriculture ministry said on Tuesday. * Commodity funds were net sellers of Chicago Board of Trade corn and soyoil futures on Tuesday. They were net buyers of soybeans and soymeal, and even in wheat, traders said. MARKET NEWS * Asian shares joined a global equities rally and safe-haven government bonds pulled back on Wednesday. DATA/EVENTS (GMT) 0130 Australia Wage Price Index QQ, YY Q2 0200 China Urban Investment y-to-d YY July 0200 China Industrial Output YY July 0200 China Retail Sales YY July 0600 Germany GDP Flash QQ SA, YY NSA Q2 0630 India WPI Inflation YY July 0645 France CPI (EU Norm) Final MM, YY July 0830 UK CPI YY July 0900 EU GDP Flash Estimate QQ, YY Q2 Grains prices at 0108 GMT Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 477.25 5.25 +1.11% -4.45% 498.27 40 CBOT corn 379.25 2.75 +0.73% -9.22% 426.34 22 CBOT soy 889.50 0.50 +0.06% -0.25% 896.33 56 CBOT rice 11.64 $0.18 +1.57% +18.12% $10.31 41 WTI crude 56.68 -$0.42 -0.74% +4.00% $56.49 Currencies Euro/dlr $1.118 -$0.004 -0.32% -0.20% USD/AUD 0.6796 0.004 +0.65% +0.13% Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential (Reporting by Naveen Thukral; Editing by Joseph Radford)

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