GRAINS-Wheat up on anticipated Egypt demand, soy at 2-month high

* Wheat up for 4 out of 5 sessions on demand hopes
    * Market eyes Egypt wheat tender, poor output in Argentina
    * Soybeans climb to 2-month high on strong demand

 (Adds details, quotes)
    By Naveen Thukral
    SINGAPORE, Nov 27 (Reuters) - Chicago wheat edged higher on
Wednesday, rising for four out of five sessions, as expectations
of strong demand for U.S. supplies underpinned the market with
Egypt, the world's top importer, intending to buy cargoes.
    Soybeans rose half a percent to its highest in just over two
months as China's relentless purchases buoyed the market, while
corn remained under pressure from a record U.S. harvest which is nearing completion. Egypt's main wheat-buying agency, the General Authority for Supply Commodities, set a tender on Tuesday to buy an unspecified amount of wheat from global suppliers. The market is expecting U.S. wheat exporters to secure some business in Egypt after prices fell to a two-month low earlier this month. "For wheat, support is coming from expectations of higher demand for U.S. wheat while there are concerns regarding harvests in Australia and Argentina," said Vanessa Tan, investment analyst at Phillip Futures Singapore. "Furthermore, export prices for Russian wheat have risen too far compared to global prices." Wheat futures have gained the last few sessions as crops in Australia and Argentina face unfavourable weather which could result in more demand for U.S. wheat. Chicago Board Of Trade front-month wheat rose 0.4 percent to $6.49-1/4 a bushel by 0312 GMT, while January soybeans gained 0.6 percent to $13.37-1/4 a bushel, the highest since September 20. The spot-month corn added 0.2 percent to $4.19-1/4, after having slid 1.5 percent on Tuesday. The soybean market has been supported by strong demand from China, the world's biggest buyer.
U.S. exporters reported the sale of 360,000 tonnes of U.S. soybeans to unknown destinations for delivery during the 2013/14 marketing year, the U.S. Department of Agriculture said on Tuesday. On Monday, the USDA said that exporters had sold 120,000 tonnes of U.S. soybeans to unknown destinations for 2014/15 delivery. That was on top of sales confirmed on Friday of 115,000 tonnes to China. Corn is facing headwinds as U.S. farmers finish harvesting an all-time high crop. U.S. corn production will set a record high of 13.989 billion bushels this year, exceeding last year's drought-shortened harvest by 30 percent, the USDA said on Nov. 8. The U.S. corn harvest was 95 percent complete by Sunday, ahead of the five-year average of 91 percent for this point in the year and in line with trade expectations. Commodity funds sold a net 9,000 CBOT corn contracts on Tuesday, trade sources said. They were net even in soybeans and wheat. Grains prices at 0312 GMT Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 659.25 3.25 +0.50% +0.46% 672.73 43 CBOT corn 419.25 0.75 +0.18% -0.71% 429.40 42 CBOT soy 1337.25 8.00 +0.60% +1.35% 1285.05 71 CBOT rice $15.69 -$0.05 -0.35% -0.19% $15.53 47 WTI crude $93.43 -$0.25 -0.27% -0.70% $95.58 39 Currencies Euro/dlr $1.357 $0.006 +0.41% +0.09% USD/AUD 0.912 -0.003 -0.37% -0.46% Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential (Reporting by Naveen Thukral; Editing by Miral Fahmy)

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