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GRAINS-Soybeans recover from 5-month low, supply pressure caps gains

* Soybeans rise on bargain-buying after two days of losses * Wheat faces pressure from expectations of higher output (Adds details, quote) By Naveen Thukral SINGAPORE, April 24 (Reuters) - Chicago soybean futures edged higher on Wednesday as bargain buying lifted the market after rising South American production and slowing Chinese demand pushed the market to a five-month low in the previous session. Wheat lost ground as expectations of a bumper crop across much of the northern hemisphere weighed on prices. The most-active soybean contract on the Chicago Board of Trade was up 0.3 percent at $8.64-1/4 a bushel by 0335 GMT. The market slumped on Tuesday to its lowest since Nov. 27 at $8.60-3/4 a bushel. Wheat lost 0.2 percent to $4.44-1/4 a bushel. Corn added 0.2 percent to $3.61 a bushel, having hit its weakest since Sept. 20 at $3.50-1/4 in the last session. "There is a strong soybean supply push coming from South America at a time when we have uncertainty over demand because of the African swine fever in China," said Ole Houe, director of advisory services at brokerage IKON Commodities. "For wheat, we are expecting bigger crops in the Black Sea region and Europe as compared with last year." Brazilian soybean exports to China will definitely decline this year as African swine fever cuts demand for the animal feed, but potential growth in meat exports would offset this, Brazil's agriculture minister said. African swine fever, fatal to pigs but harmless in humans, has spread to every province on the Chinese mainland since its initial detection in August 2018, raising concern about a drop in Chinese demand for feedstuffs including soy and corn. The U.S. Department of Agriculture (USDA) has projected that U.S. soybean stocks at the end of the 2018/19 marketing year will reach 895 million bushels, more than double at end-2017/18. The USDA on Monday rated 62 percent of the U.S. winter wheat crop in good-to-excellent condition, up from 60 percent a week earlier. Commodity funds were net sellers of Chicago Board of Trade corn, soybean, soymeal and soyoil futures contracts on Tuesday and net buyers of wheat contracts, traders said. Grains prices at 0335 GMT Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 444.25 -0.75 -0.17% -1.33% 465.00 29 CBOT corn 361.00 0.75 +0.21% -1.77% 374.58 30 CBOT soy 864.25 2.25 +0.26% -1.85% 896.05 24 CBOT rice 10.24 $0.01 +0.10% -1.82% $10.69 33 WTI crude 65.92 -$0.38 -0.57% +0.33% $61.85 Currencies Euro/dlr $1.121 -$0.004 -0.37% -0.29% USD/AUD 0.7033 -0.010 -1.40% -1.66% Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential (Reporting by Naveen Thukral; Editing by Tom Hogue)

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