GRAINS-Soybeans hit over 27-month high on Chinese demand

SYDNEY, Sept 17 (Reuters) - U.S. soybean futures rose more than 0.5% on Thursday to hit a more than 27-month high as strong demand from China - the world's largest importer of the commodity - underpinned prices.

FUNDAMENTALS

* The most active soybean futures on the Chicago Board Of Trade were up 0.6% at $10.17-1/2 a bushel by 0134 GMT, near the session high of $10.18 a bushel - the highest since June 1, 2018. Soybeans firmed 2% on Wednesday.

* The most active corn futures were down 0.1% to $3.71-1/2 a bushel, having gained 1.6% in the previous session.

* The most active wheat futures were down 0.1% to $5.41-1/2 a bushel, having closed up 0.7% on Wednesday.

* The U.S. Department of Agriculture confirmed private sales of 327,000 tonnes of U.S. soybeans to China. The USDA has announced U.S. soy sales to China in each of the past nine business days.

* A Farm Futures producers' survey conducted in late July and released on Wednesday projected a 4.9% rise in U.S. 2021 soybean seedings and a 0.3% drop in corn acres.

MARKET NEWS

* Asian shares were set to drift lower as concerns about the strength of the recovery from the COVID-19 pandemic remained, even after the U.S. Federal Reserve pledged to hold interest rates near zero until at least 2023.

* Oil prices were mixed in early trade, just clinging on to overnight gains, as concerns about weak fuel demand were in the frame again after Hurricane Sally blasted through the Gulf of Mexico into the southeastern United States.

* The dollar edged up against major currencies following the Fed's upbeat assessment of the economic recovery, while its vows to keep rates near zero helped push Treasury yields higher. (Reporting by Colin Packham; Editing by Subhranshu Sahu)

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