* Corn hits fresh 3-year low on forecast for record harvest
* Result of Egypt's wheat tender awaited
* Wheat hits lowest in six weeks
(Recasts, updates with U.S. trading, adds new analyst quote, byline, dateline, pvs LONDON)
CHICAGO, Nov 6 (Reuters) - U.S. soybean futures rose on Wednesday after four straight days of declines, buoyed by strength in the cash market and harvest slowdowns, traders said.
Corn and wheat futures weakened, staking out new lows, on expectations that a huge corn harvest will lead to a glut of grain supplies in the United States, traders said.
Traders also noted some bargain buying in soybean futures, which sank this week to their lowest levels since February 2012 before rains knocked farmers out of the fields and brought harvest to a halt.
"Precipitation will be seen across the Midwest over the next two days and this will create some harvest delays," Sterling Smith, futures specialist with Citi, said in a note to clients. "Beans continue to be difficult for processors to originate in some areas and this is mildly supportive to the board."
A storm system brought 0.25 inch to 1.50 inches of rainfall across a broad swath of the Midwest on Tuesday and Wednesday, with snow in northern areas, World Weather Inc said. The precipitation will force farmers to keep their combines parked in garages but dry weather is forecast from Thursday into early next week, which will provide a window for harvesting.
At 10:49 a.m. CST (1649 GMT), Chicago Board of Trade January soybean futures, the most actively traded contract, was up 3-1/4 cents at $12.62-1/2 a bushel. CBOT November soybeans , which expire on Nov. 14, were 3-3/4 cents higher at $12.63 a bushel.
Strong export demand also supported soybean futures, along with uncertainty about production from countries in the southern hemisphere during the next few months.
"If you get a good Brazilian crop, then prices will most probably be bearish from here, but while this is not a certainty there is a risk to the upside, especially given the current strength of demand," Macquarie analyst Chris Gadd said.
Traders were reluctant to stake out large positions ahead of the U.S. Agriculture Department's supply and demand report on Friday. The report, the first since September due to the partial shutdown of the U.S. federal government last month, was expected to forecast a record corn crop.
"We might see some near-term support for corn as we see some of the speculators cashing out of their short positions at these lower prices but the reality is we've just had an enormous corn harvest and lower prices are likely required to find demand," Macquarie's Gadd said.
CBOT December corn was off 3 cents at $4.22 a bushel, the lowest for the front-month contract since Aug. 31, 2010. CBOT December wheat was down 1-3/4 cents at $6.54-1/4 a bushel, the lowest since Sept. 24.
News was awaited on Egypt's tender for an unspecified amount of wheat for shipment Dec 1-10. U.S. exporters were not expected to win any of the business.
Prices at 10:49 a.m. CST (1649 GMT)
LAST NET PCT YTD
CHG CHG CHG
CBOT corn 422.00 -3.00 -0.7% -32.9% CBOT soy 1263.00 3.75 0.3% -9.4% CBOT meal 395.00 2.20 0.6% 6.7% CBOT soyoil 41.17 0.02 0.1% -28.7% CBOT wheat 654.25 -1.75 -0.3% -17.6% CBOT rice 1537.00 1.50 0.1% 9.8% EU wheat 202.75 0.75 0.4% -19.7% US crude 95.01 1.64 1.8% 4.0% Dow Jones 15,713 94 0.6% 35.7% Gold 1316.19 5.20 0.4% -7.3% Euro/dollar 1.3523 0.0049 0.4% 1.3% Dollar Index 80.4640 -0.2420 -0.3% 1.8% Baltic Freight 1602 2 0.1% -9.6%
In U.S. cents, benchmark contracts, except EU wheat (euros) and soymeal (dollars). CBOT wheat, corn and soybeans per bushel, rice per hundredweight, soymeal per ton and soyoil per lb.
(Additional reporting Sam Nelson in Chicago and Naveen Thukral in Singapore; Editing by David Gregorio)