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GRAINS-Corn, soybeans rise for fourth day on upbeat demand outlook; wheat slips

HANOI, Jan 28 (Reuters) - Corn and soybean prices rose for a fourth straight session on Thursday, buoyed by expectations of continued solid Chinese demand and tight supplies, while wheat fell for a second session as the dollar firmed and the equities markets shed.

FUNDAMENTALS

The Chicago Board of Trade (CBOT) most-active corn contract advanced 0.2% to $5.35-1/2 a bushel at 0150 GMT and soybean prices rose 0.4% to $13.79-1/2 a bushel.

Wheat fell 0.6% to $6.54-1/2 a bushel as a firmer dollar made the grain less appealing to holders of other currencies.

MARKET NEWS

* Asian shares slid while the safe-haven dollar rallied, as a sudden sell-off on Wall Street and delays with coronavirus vaccines shook investor optimism about an early global economic recovery.

* Expected record Chinese imports of corn and soybeans in the coming seasons will continue to absorb U.S. supplies and keep prices on an upward trend, Chicago-based consultancy AgResource Co said.

* China has bought “roughly 200 million gallons” of U.S. ethanol for the first half of 2021, matching its previous record for annual imports of the corn-based biofuel, Archer Daniels Midland Co Chief Financial Officer Ray Young said.

* U.S. soy processors, fresh off their busiest year on record, have booked soybean purchases well beyond their normal few weeks of supply due to soaring export demand, rising prices and fears of soy shortages later this season.

* Argentina is looking for ways to ensure ample domestic wheat supplies without resorting to shutting down exports, a top official said on Wednesday, as farmers fretted about possible state intervention in the markets.

DATA/EVENTS (GMT)

1000 EU Consumer Confidence Final Jan

1100 Brazil IGP-M Inflation Index Jan

1300 Germany CPI, HICP Prelim YY Jan

1330 US GDP Advance Q4

1330 US Initial Jobless Claim weekly

1500 US New Home Sales - units Dec

2350 Japan Bank of Japan to release summary of opinions

from board members at its Jan. 20-21 policy

meeting (Reporting by Mai Nguyen; Editing by Rashmi Aich)

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