GRAINS-SOYBEANS STEADY NEAR 4-YEAR TOP AS S. AMERICA, CHINA STAY IN FOCUS

GRAINS-SOYBEANS STEADY NEAR 4-YEAR TOP AS S. AMERICA, CHINA STAY IN FOCUS

Soybeans up for fourth session as dry weather in S. America supports  China, wheat importer demand also underpins grain prices * Focus shifts to Nov. 10 USDA report to gauge tightening supply (Updates with European trading, changes byline/dateline) By Gus Trompiz and Naveen Thukral PARIS/SINGAPORE, Nov 6 (Reuters) - Chicago soybean futures edged higher on Friday to hold near a four-year high as dry crop weather in top exporter Brazil and strong demand from leading importer China kept the market focused on the prospect of tightening supplies. Corn and wheat were also firm, similarly underpinned by weather risks and Chinese-fuelled international demand. Price moves in grains were restrained after strong gains this week and with wider markets trading mixed as investors awaited a conclusion to a drawn-out vote count in a close U.S. presidential election. "We're seeing a bit of a pause today after the sharp moves yesterday but the market remains fragile," Nathan Cordier of consultancy Agritel said, adding there was a combination of three factors -- large fund positions, Chinese demand and a weather market. The most-active soybean contract on the Chicago Board of Trade was up 0.1% at $11.05 a bushel at 1151 GMT. The contract on Thursday reached its highest since July 2016 at $11.12-3/4. CBOT corn was up 0.2% at $4.10 a bushel after a one-week high on Thursday, while wheat added 0.4% to $6.11-3/4 as it also held near a one-week top struck the previous day. Although much of Brazil and Argentina has seen rainfall since last month, market participants remain wary of persisting dryness that could limit South America's capacity to meet Chinese demand that has already swept up part of the U.S. soybean and corn surplus. "South American weather worries remain a big plus for beans," said Tobin Gorey, director of agricultural strategy at Commonwealth Bank of Australia. The U.S. Department of Agriculture's (USDA's) Foreign Agricultural Service post in Beijing estimated China's corn imports in the 2020/21 marketing year at 22 million tonnes, well above the USDA's official forecast of 7 million tonnes. Traders were looking ahead to Tuesday's monthly supply and demand outlook from the USDA to see how the agency adjusts Chinese demand and global harvest prospects. 

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