* U.S. wheat faces competition from Black Sea region
* Soybeans rise for 3rd day as rains delay U.S. harvest
(Adds details, quotes) SINGAPORE, Oct 6 (Reuters) - Chicago wheat futures edged higher on Friday but the market is on track for its second week of decline with pressure from abundant global supplies. Soybeans rose for a third consecutive session on reports of lower-than-expected yields in the U.S. Midwest, where rains have already slowed the pace of harvest. The Chicago Board of Trade most-active wheat contract is down 1.2 percent this week, soybeans are set to finish the week little changed and corn has dropped 1.3 percent, its biggest seven-day loss in six weeks. Wheat prices have been pressured by export competition from a record Russian harvest this year. U.S. offerings are still seen as too expensive for overseas buyers despite the recent weakness in futures. "There no issue with wheat supplies as the Russian crop is at a record high," said one India-based agricultural commodities analyst. "From here the downside is also limited as U.S. farmers are expected to further reduce planted area but at the same time there is no catalyst to boost prices." bushel, soybeans were trading 0.2 percent higher at $9.69-3/4 a bushel and corn added 0.3 percent to $3.50-1/2 a bushel. In bearish news, the European Commission increased its monthly estimate of 2017/18 usable soft wheat production in the European Union by 1 million tonnes to 140.4 million tonnes. That compared with 133.7 million tonnes produced in 2016/17, the Commission said in a crop report released on Thursday. Still, half of Argentina's 5.4 million hectares (13 million acres) planted with wheat for the 2017/18 season are affected by excessively moist conditions, the Buenos Aires grains exchange said on Thursday. Heavy rains in producing regions last weekend added to abundant rains in recent months that have already reduced wheat planted area by 150,000 hectares, the exchange said. Soybean prices have been supported by disappointing yields in key Midwest producing areas, where wet weather has slowed harvesting. The U.S. Department of Agriculture said weekly export sales of corn totalled 814,100 tonnes, topping market forecasts that ranged from 500,000 to 700,000 tonnes. Export sales of soybeans and wheat were in line with trade estimates.
Commodity funds were net buyers of CBOT corn, soybean and soymeal futures contracts on Thursday and net sellers of soyoil and wheat, traders said.
Grains prices at 0315 GMT
Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 442.75 2.00 +0.45% +0.17% 443.36 47 CBOT corn 350.50 1.00 +0.29% +0.65% 352.78 50 CBOT soy 969.75 1.50 +0.15% +1.20% 961.07 58 CBOT rice 11.90 -$0.02 -0.13% -1.08% $12.49 27 WTI crude 50.70 -$0.09 -0.18% +1.44% $49.47 53
Euro/dlr $1.170 -$0.001 -0.07% -0.48% USD/AUD 0.7756 -0.004 -0.49% -1.36%
Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential
(Reporting by Naveen Thukral; Editing by Tom Hogue)