GRAINS-Soybeans rebound from near 3-month low, ample global supplies cap gains
SYDNEY, Dec 3 (Reuters) - U.S. soybean futures edged higher on Tuesday, rebounding from a near three-month low touched in the previous session, though abundant global supplies and signs of weak demand for North American supplies limited gains.
* The most active soybean futures on the Chicago Board Of Trade were up 0.3% at $8.73-1/2 a bushel by 0149 GMT, having closed down 0.7% on Monday when prices hit a Sept. 11 low of 8.68 a bushel.
* The most active corn futures were up 0.1% at $3.81-1/4 a bushel, having gained 0.2% in the previous session when prices earlier hit a Nov. 6 high of $3.84-3/4 a bushel
* The most active wheat futures were up 0.5% at $5.38 a bushel, having closed down 1.2% on Monday.
* A blizzard in the northwest U.S. Midwest threatens to force some farmers in that key production region to leave their crops standing until the spring.
* Soybeans remained under pressure as traders nervously awaited signs of a trade deal between the United States and China.
* U.S. President Donald Trump on Monday said U.S. legislation backing protesters in Hong Kong did not make trade negotiations with China easier but added he believes Beijing still wants a deal.
* Soybean export inspections dropped to 1.545 million tonnes from 1.952 million tonnes, near the low end of trade estimates.
* Brazil's 2019/20 soybean harvest could come in at a record 122.7 million tonnes, according to the average forecast in a Reuters survey of 16 market analysts.
* The U.S. Agriculture Department on Monday morning said corn export inspections fell to 428,856 tonnes in the week ended Nov. 28, from 615,968 tonnes a week earlier, below market forecasts. Wheat export inspections of 246,968 tonnes also were below expectations.
* Australia on Tuesday cut its wheat production forecast by nearly 20% for the year through June 2020, as an unrelenting drought across the country's east coast will likely see output fall to an 11-year low.
* The dollar traded near a one-week low versus the yen on Tuesday and near the lowest in almost two weeks against the euro, on concern about weak U.S. manufacturing data and signs of new fronts in the U.S. trade war.
* Oil futures gained about 1% on Monday on hints the Organization of the Petroleum Exporting Countries (OPEC) and its allies may agree to deepen output cuts at a meeting this week and as rising manufacturing activity in China suggested stronger demand.
* Wall Street stepped back from last week's record highs on Monday, with weak U.S. manufacturing data and fresh trade worries keeping buyers on the sidelines.
(Reporting by Colin Packham; Editing by Sriraj Kalluvila)
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