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GRAINS-Soybeans rise on China demand prospects; wheat, corn firm

SINGAPORE, Oct 23 (Reuters) - Chicago soybean futures rose for a second session on Wednesday with expectations of Chinese buying supporting prices. Wheat gained after two days of losses, while corn also rose. FUNDAMENTALS * Beijing on Tuesday offered major Chinese and international soybean processors waivers that would exempt the companies from steep tariffs on imports of up to 10 million tonnes of U.S. soybeans, according to two people briefed on the matter. * The waivers, however, failed to unleash a flood of immediate buying as U.S. prices remained too high, according to U.S. export traders. Market conditions have continued to determine Chinese buying in recent weeks despite U.S. President Donald Trump's assurances of a wave of imminent sales. * Forecasts for normal- to below-normal precipitation for a large part of the U.S. farm belt over the next two weeks should allow for more active harvesting in most areas. * Drought across most Ukrainian regions is likely to reduce the area sown in the 2020 winter grain harvest, the head of Ukraine's state weather forecasting centre said on Tuesday. * Ukraine and Russia, its main rival on Black Sea grain exports, have been both looking for more rains this autumn. In Russia, though, warm and rainy weather has speeded up sowing in recent weeks and is expected to favour works in the next few weeks. * Commodity funds were net buyers of Chicago Board of Trade corn, soybean and soyoil futures contracts on Tuesday and net sellers of wheat and soymeal futures, traders said. MARKET NEWS * The pound weakened and stocks on world markets declined on Tuesday after British lawmakers rejected the government's proposed timetable for passing legislation to ratify its deal to exit the European Union. DATA/EVENTS AHEAD (GMT) 0645 France Business Climate Mfg Oct 1400 EU Consumer Confid. Flash Oct Grains prices at 0038 GMT Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 518.75 0.75 +0.14% -0.91% 497.28 59 CBOT corn 388.50 0.50 +0.13% +0.32% 382.93 50 CBOT soy 935.50 1.50 +0.16% +0.24% 911.90 66 CBOT rice 11.70 $0.00 +0.00% -0.81% $11.99 35 WTI crude 54.19 -$0.29 -0.53% +1.65% $55.07 Currencies Euro/dlr $1.113 $0.000 +0.02% -0.20% USD/AUD 0.6856 0.000 +0.01% -0.15% Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential (Reporting by Naveen Thukral, Editing by Sherry Jacob-Phillips)

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