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GRAINS-Soybean prices extend losses as bumper supplies weigh

SYDNEY, Oct 3 (Reuters) - U.S. soybean prices fell on Tuesday as expectations for bumper supplies weighed, though losses were checked as the U.S. Department of Agriculture said the pace of harvest was lagging forecasts.

FUNDAMENTALS

* The most active soybean futures on the Chicago Board of Trade were down 0.3 percent at $9.54-1/4 a bushel by 0041 GMT, having closed down 1.1 percent on Monday.

* The most active corn futures were down 0.3 percent at $3.50-1/2 a bushel, after ending down 1.1 percent in the previous session.

* The most active wheat futures were down 0.2 percent at $4.44 a bushel. They finished Monday down 0.7 percent.

* The USDA said the U.S. soybean harvest was 22 percent complete by Sunday, behind an average of trade estimates for 25 percent and the five-year average of 26 percent.

* The corn harvest was only 17 percent complete, lagging the five-year average of 26 percent.

* INTL FCStone raised its estimate of the U.S. 2017 corn yield to 169.2 bushels per acre (bpa), from 166.9 bpa in its previous monthly report released Aug. 31.

* The firm also raised its forecast of the U.S. 2017 soybean yield to 49.9 bpa, from 49.8 bpa previously.

* The USDA on Friday reported U.S. 2017 production of spring wheat other than durum at 416 million bushels, up from its previous estimate of 402 million bushels and well above analyst estimates.

MARKET NEWS

* The dollar gained against the euro and the yen on Monday as investors took a bullish view of the U.S. economy, and as the single currency was hurt by a violence-marred independence vote in Spain's Catalonia region.

* Oil fell more than $1 a barrel on Monday as a rise in U.S. drilling and higher OPEC output put the brakes on a rally that helped prices notch up their biggest third-quarter gain in 13 years.

* U.S. stocks started the fourth quarter on a strong note on Monday, with all three major indexes hitting record-high closes as data pointed to underlying strength in the economy.

DATA AHEAD (GMT)

0900 Euro zone Producer prices Aug 1345 U.S. ISM-New York index Sep

Grains prices at 0041 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 444.00 -0.75 -0.17% -0.95% 442.16 49 CBOT corn 350.50 -1.00 -0.28% -1.34% 353.60 49 CBOT soy 954.25 -3.00 -0.31% -1.45% 958.56 41 CBOT rice 12.05 $0.03 +0.25% +0.46% $12.56 36 WTI crude 50.43 -$0.15 -0.30% -2.40% $49.20 45

Currencies

Euro/dlr $1.173 $0.000 +0.00% -0.69% USD/AUD 0.7825 0.000 +0.00% -0.10%

Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential

(Reporting by Colin Packham; Editing by Joseph Radford)