GRAINS-Corn, soy rise 1.5 percent in chart-based buying

* Corn, soy hit one-week highs on technical buying

* Wheat sags as big global supplies loom (Updates CBOT prices, analyst quotes, changes dateline from SINGAPORE)

CHICAGO, Nov 3 - U.S. corn and soybeans rose 1.5 percent on Tuesday as chart-based buy signals attracted fresh capital from investors into grains, a follow-through from Monday, the start of the new trading month.

The move upward was a reversal of earlier trading, when prices trended lower on profit-taking sparked by a bounce in the dollar and outlooks for U.S. harvest weather to improve.

Corn and soybean futures on the Chicago Board of Trade were trading above most key moving averages. The December corn contract broke through its 200-day moving average of $3.88 a bushel.

"The technicals are very positive, so you are having a lot of technical fund buying to start the month. It's a new month with new money coming at us," Don Roose, a grains analyst with U.S. Commodities in West Des Moines, Iowa, said.

CBOT markets closed strong technically on Monday amid a fresh inflow of investor capital into grains. Added support stemmed from concerns about the U.S. harvest, which is running three to five weeks behind normal.

Heavy rains this autumn across the U.S. heartland not only kept farmers sidelined but reduced crop quality. High moisture soybeans and corn do not store well and grain protein levels can suffer. But forecasters called for clear, dry weather this week, giving farmers a much-needed window to move combines through fields.

The U.S. Agriculture Department is currently projecting a record U.S. soy harvest of 3.25 billion bushels and a near-record corn crop of 13.018 billion bushels. The government will revise its forecasts next week, with analysts mixed in their opinions of whether USDA will raise or lower its crop estimates, given the delayed harvest.

December corn was up 6-3/4 cents, or 1.8 percent, at $3.89 a bushel by mid-morning. November soybeans were up 14-1/2 cents, or 1.5 percent at $10.12.

Wheat bucked the higher trend in corn and soybeans as ample U.S. and global stocks prompted traders to simultaneously sell CBOT wheat and buy corn.

"Corn production is still uncertain, but it is not uncertain for wheat. The wheat crop is in the bin. We just have to find a buyer, and demand has been very slow," said analyst Shawn McCambridge of Prudential Bache Commodities in Chicago.

CBOT December wheat was down 3 cents, or 0.6 percent, at $5.13-3/4 a bushel.

Prices at 11:01 a.m. CST (1701 GMT)

Pct 2008 YTD

Last Change Chg Close Pct Chg ----------------------------------------------------------- CBOT corn 3.8900 0.0675 1.8 4.07 -4.4 CBOT soy 10.1200 0.1450 1.5 9.7225 4.1 CBOT meal 309.40 6.70 2.2 300.5 3.0 CBOT soyoil 0.3720 0.0041 1.1 0.3329 11.7 CBOT wheat 5.1375 -0.0300 -0.6 6.1075 -15.9 CBOT rice 14.7550 -0.0350 -0.2 15.34 -3.8 EU wheat 127.75 0.25 0.2 137 -6.8 US crude 78.93 0.8 1.0 44.60 77.0 Dow Jones 9740 -49 -0.5 8776 11.0 Gold 1079.85 20.70 2.0 878.20 23.0 Euro/dollar 1.4661 -0.011 -0.7 1.3978 4.9 Dollar Index 76.5470 0.2570 0.3 81.1510 -5.7 Baltic Freight 3247 62 2.0 774 320 --------------------------------------------------------------- *In U.S. dollars, front-month contracts, except EU wheat, which is in euros, CBOT wheat, corn and soybeans per bushel, rice per hundredweight, soymeal per ton and soyoil per lb.