GRAINS-Soybeans hold steady on hopes of continued Chinese orders

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* Traders expect China to purchase U.S. beans

* Corn edges lower, wheat extends losses

SYDNEY, Dec 19 (Reuters) – U.S. soybean futures held steady on Wednesday as expectations of continued large-scale Chinese purchases offset weakness across the broader grains market. Corn fell, giving back most of the gains from the previous session. Wheat extended two days’ of losses to fall more than 1 percent. The most active soybean futures on the Chicago Board Of Trade were unchanged at $9.07-3/4 a bushel by 0426 GMT, after rising 0.3 percent on Tuesday. “China will have to buy U.S. beans, and they might as well do it now when relations are better than they have been for a while,” said Phin Ziebell, agri-business analyst, National Australia Bank. Chinese importers bought an unknown quantity of U.S. soybeans on Tuesday in the first major purchases since booking more than 1.5 million tonnes of U.S. soy shipments last week, three traders with knowledge of the deals said. The most active corn futures were down 0.1 percent at $3.85 a bushel, after gaining 0.4 percent in the previous session. Analysts said it was due to the threat to production of corn and soybeans in South America. Heavy rains in parts of Argentina and southern Brazil, and dry conditions in central Brazil have stoked worries that crop yields could be lower than initially expected. The most active wheat futures were down 0.8 percent at $5.28-1/2 a bushel, after ending 0.5 percent lower on Tuesday. U.S. wheat has been bolstered by improving export data as well as signs that Russian wheat is becoming less competitive overseas.

Grains prices at 0426 GMT

Contract Last Change Pct chg Two-day chg MA 30 CBOT wheat 528.50 -4.25 -0.80% -1.26% 518.43 CBOT corn 385.00 -0.50 -0.13% +0.26% 379.48 CBOT soy 907.75 0.00 +0.00% +0.33% 894.33 CBOT rice 10.65 $0.12 +1.14% +0.90% $10.74 WTI crude 46.28 $0.04 +0.09% -7.22% $53.39

Currencies

Euro/dlr $1.139 $0.003 +0.24% +0.37% USD/AUD 0.7195 0.002 +0.21% +0.32%

Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential

(Reporting by Colin Packham; Editing by Rashmi Aich)

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