Wheat hovers near three-week high on demand optimism

SYDNEY, Nov 13 (Reuters): U.S. wheat futures edged higher on Tuesday, hovering near a three-week high hit in the previous session, as expectations of an imminent uptick in demand for North American supplies underpinned gains.

The most active wheat futures on the Chicago Board Of Trade were up 0.1 percent at $5.20-1/2 a bushel, as of 0126 GMT. In the previous session, wheat futures closed 3.3 percent firmer, when prices hit $5.20-3/4 a bushel, the highest since Oct. 20.

The most active soybean futures were little changed at $8.82-3/4 a bushel, having closed down 0.5 per cent on Monday.

The most active corn futures slipped 0.5 percent to $3.69-1/2 a bushel, having closed up 0.4 percent in the previous session.

Soybeans pressured as traders digested the US Department of Agriculture's Nov. 8 forecast for U.S. soybean stocks to rise to 955 million bushels by the end of the 2018/19 marketing year following a record-large harvest and as a trade fight with China limits exports.

The dollar reached a 16-month high against a basket of currencies on Monday as investors built bets on a Federal Reserve interest rate increase next month, and political risks in Europe put pressure on the euro and the pound.