SYDNEY  - U.S. soybean futures edged higher on Thursday, as expectations that china will buy large quantities of U.S. supplies pushed prices to a near three-week high.        

FUNDAMENTALS 

* The most active soybean futures on the Chicago Board Of Trade were up 0.4 percent at $10.43-1/2 a bushel by 0137 GMT, near the session high of $10.43-3/4 a bushel - the highest since May 4. Soybeans firmed 0.8 percent on Wednesday.

* The most active corn futures edged up 0.1 percent to $4.09 a bushel, having gained 0.9 percent in the previous session when prices hit a high of $4.09 a bushel - the highest since July 2017.

* The most active wheat futures rose 0.2 percent to $5.32-1/4 a bushel, having closed up 1.8 percent on Wednesday.

* China will import record volumes of U.S. oil and is likely to ship more U.S. soy after Beijing signalled to state-run refiners and grains purchasers they should buy more to help ease tensions between the two top economies, trade sources said on Wednesday.

* Overly wet conditions have stalled corn planting in the northern Midwest, potentially prompting a shift by farmers to grow soybeans or other crops that can be planted later in the spring instead.

* Meanwhile, worsening dryness in parts of the central Corn Belt increased concerns that recently seeded crops could be facing a tough growing season ahead.

* Dry weather in parts of Canada, Australia and Russia - all major wheat exporters - has added to crop worries, although the global market is set for record inventory levels at the end of the current season.        

MARKET NEWS 

* The dollar lost momentum on Thursday after the minutes of the Federal Reserve's last policy meeting were seen as dovish and U.S. President Donald Trump proposed looking into imposing new tariffs on imported cars. 

* Oil prices fell on Thursday, pulled down by expectations that OPEC members could step up production in the face of worries over supply from both Venezuela and Iran. 

* U.S. stocks ended with small gains on Wednesday after minutes from the Federal Reserve's latest meeting suggested higher inflation may not result in faster interest rate hikes.   

DATA AHEAD (GMT)

0600  Germany          Detailed GDP                         Q1

0600  Germany          GfK consumer sentiment        Jun

0645  France              Business climate                    May

1130  European Central Bank releases minutes of April meeting

1230  U.S.                Weekly jobless claims

1300  U.S.                Monthly home price index          Mar

1400  U.S.                Existing home sales                   Apr 

Grains prices at  0137 GMT

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

CBOT wheat   532.25     1.25   +0.24%     +2.06%   503.51   68

CBOT corn    409.00     0.50   +0.12%       +1.05%   398.85   72

CBOT soy    1043.50     4.25   +0.41%       +1.26%  1033.18   67

CBOT rice     11.90   -$0.02   -0.17%        -3.49%    $12.83   24

WTI crude     71.68   -$0.16   -0.22%       -0.62%    $69.51   61

Currencies                                                     

Euro/dlr       $1.170    $0.000   +0.00%      -0.70%             

USD/AUD     0.7551    -0.001    -0.11%       -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 Biju Dwarakanath)

© Reuters News 2018