SYDNEY  - U.S. wheat futures fell for the first time in three sessions on Monday after hitting a 12-day high in early trade, as ample global supplies weighed on prices.

FUNDAMENTALS 

* The most active wheat futures on the Chicago Board Of Trade were down 0.5 percent at $4.59-3/4 a bushel by 0050 GMT, after earlier hitting a high of $4.64 a bushel – the highest March 6. Wheat closed up 2.1 percent on Friday.

 * The most active soybean futures were up 0.2 percent at $9.10-3/4 a bushel, near the session high of $9.11-1/2 a bushel - also the highest since March 6.

* The most active corn futures rose 0.3 percent to $3.74-1/2 a bushel, near the session high of $3.75-1/2 a bushel - the highest since March 6. Corn gained 0.8 percent in the previous session.

* Wheat has been supported as traders unwind large bearish bets on the grain when the market spiraled to a 14-month low last week.

* The U.S. soybean processing pace slowed by more than expected in February, although the crush was still the largest on record for the month, according to National Oilseed Processors Association (NOPA) data released on Friday.

* NOPA members, who handle about 95 percent of all soybeans crushed in the United States, processed 154.498 million bushels of soybeans last month, down from 171.630 million bushels in January but up from 153.719 million bushels in February 2018.

MARKET NEWS 

* The dollar licked its wounds on Monday after soft U.S. data increased bets the Federal Reserve will cut rates later this year while the British pound hovered near nine-months high on hopes for a delay in Britain's exit from the European Union.

* U.S. crude futures eased slightly on Friday after hitting a 2019 high, as worries about the global economy and robust U.S. production put a brake on prices. 

DATA/EVENTS (GMT)  10:00  EU Trade Balance   Jan

Grains prices at  0050 GMT

Contract      Last  Change  Pct chg  Two-day chg    MA 30   RSI

CBOT wheat  459.75   -2.50   -0.54%       +1.55%   482.30     13

CBOT corn   374.50    1.25   +0.33%       +1.15%   377.30     33

CBOT soy    910.75    1.50   +0.16%       +1.36%   915.51     39

CBOT rice    10.74   $0.01   +0.09%       -0.19%   $10.57     60

WTI crude    58.35  -$0.17   -0.29%       -0.44%   $55.82     61

Currencies                                                     

Euro/dlr    $1.132  $0.000   -0.02%       +0.19%                

USD/AUD     0.7085   0.000   -0.03%       +0.30%               

Most active contracts

Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight

RSI 14, exponential 

(Reporting by Colin Packham; editing by Richard Pullin)

© Reuters News 2019