* Wheat up on hopes of higher demand for U.S. cargoes
* Soybeans fall for 2nd day on U.S.-China trade war
(Adds details, quote)
By Naveen Thukral
SINGAPORE, Nov 26 (Reuters) - Chicago wheat futures rose for
a second session on Monday as Egypt's purchase of U.S. cargoes
in a tender boosted expectations of higher demand for North
American supplies.
Soybeans lost more ground as the Washington-Beijing trade
war continues to curb Chinese demand for U.S. supplies.
The most-active wheat contract on the Chicago Board Of Trade
gained 0.6 percent to $5.10-1/2 a bushel, as of 0419 GMT.
In the previous session it climbed to highest since Nov. 13 at
$5.16 a bushel.
Soybeans lost 0.4 percent to $8.77-1/4 a bushel,
having closed down 0.2 percent on Friday and corn was
unchanged at $3.59 a bushel, having closed 0.8 percent lower on
Friday.
"Demand for U.S. wheat is picking up and there was some U.S.
wheat sold to Egypt which is supporting prices," said one
Singapore-based grains trader.
"Buyers are expected to turn to U.S. wheat in the coming
months as supplies tighten in the Black Sea area."
Egypt's state grain buyer, the General Authority for Supply
Commodities, said it bought 240,000 tonnes of wheat in an
international purchasing tender on Thursday, with half of that
coming from the United States.
Egypt also bought 60,000 tonnes of Russian wheat and 60,000
tonnes of Romanian wheat in the tender, which closed when U.S.
markets were shut for the Thanksgiving holiday.
Soybeans were under pressure amid fears of a prolonged trade
war between the United States and China.
China is the world's largest soybean importer, and the
oilseed is the largest U.S. agricultural export to the Asian
country.
However, retaliatory Chinese tariffs against U.S. soybeans
have stalled trade, threatening to leave a bumper U.S. harvest
piled up in storage or rotting in fields.
China has been buying Brazilian soybeans during the trade
war and may be able to continue avoiding U.S. soy due to an
early harvest in South America.
Grains prices at 0419 GMT
Contract Last Change Pct chg Two-day chg MA 30 RSI
CBOT wheat 510.50 3.25 +0.64% +0.39% 515.33 47
CBOT corn 359.00 0.00 +0.00% -0.62% 368.43 23
CBOT soy 877.25 -3.75 -0.43% -0.43% 877.41 48
CBOT rice 10.76 $0.00 +0.00% +0.23% $10.84 49
WTI crude 50.82 $0.40 +0.79% -6.97% $62.42
Currencies
Euro/dlr $1.134 $0.000 -0.03% -0.61%
USD/AUD 0.7242 0.001 +0.11% -0.17%
Most active contracts
Wheat, corn and soy US cents/bushel. Rice: USD per
hundredweight
RSI 14, exponential
(Reporting by Naveen Thukral; editing by Richard Pullin)