* Soybeans rise to highest since June 2018 on Chinese demand
* Wheat declines as Australia ups wheat harvest forecast (Recasts with updated prices, quotes, changes byline; changes dateline, previous HAMBURG)
CHICAGO, Sept 8 (Reuters) - U.S. soybean futures rose on Tuesday and were on track for an 11th straight higher daily close, supported by a mix of chart-based buying, continued demand from top global buyer China and worries about U.S. crop potential, analysts said.
Corn futures climbed while wheat futures declined as larger harvests in Australia signalled greater export competition for U.S. supplies.
As of 1:06 p.m. CDT (1806 GMT), Chicago Board of Trade November soybean futures were up 5 cents at $9.73 per bushel after reaching $9.77, the highest price on a continuous chart of the most-active soybean contract in more than two years.
CBOT December corn was up 3 cents at $3.61 a bushel while December wheat was down 6-3/4 cents at $5.43-1/2 a bushel.
Soybeans drew support from the U.S. Department of Agriculture’s confirmation on Tuesday that Chinese buyers purchased 664,000 tonnes of U.S. soybeans, the largest daily total since July 22 and the latest in a string of purchases by China, which vowed to import record amounts of U.S. agricultural goods this year under a Phase 1 trade deal.
U.S. soybean exports to China typically rise this time of year as flows from top supplier Brazil run low.
“From now until the first of January, or whenever South America starts to look more attractive, we are the only game in town, and the Chinese are buying,” said Don Roose, president of Iowa-based U.S. Commodities.
Also supportive were expectations for the USDA to lower crop condition ratings in a weekly report later on Tuesday. Analysts surveyed by Reuters on average expected the USDA to rate 61% of the U.S. corn crop as good to excellent, down 1 percentage point from a week earlier, and 64% of the soybean crop as good to excellent, down 2 percentage points from last week.
As well, analysts expect the USDA to lower its U.S. soy and corn production estimates in monthly supply/demand reports due Friday.
Wheat fell on news that the Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES) raised its estimate of the country’s wheat crop to 28.91 million tonnes, up from its June estimate of 26.67 million tonnes.
Also bearish was a firmer dollar, which tends to make U.S. wheat less competitive globally. (Additional reporting by Michael Hogan in Hamburg and Naveen Thukral in Singapore; editing by Ed Osmond and Tom Brown)
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