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GRAINS-Corn up for 2nd week on strong demand, soybeans near 3-week top

* Corn gains ground on strong demand from Mexico, S.Korea

* Soybeans up over 2 pct this week, wheat extends gains

(Adds details, quotes) Nov 3 (Reuters) - Chicago corn futures were on track on Friday for a second week of gains with strong demand underpinning the market, although abundant global supplies kept a lid on prices. Soybeans are poised for their first rise in three weeks, hovering near the previous session's three-week high, while wheat gained for a second day. The Chicago Board Of Trade most-active corn contract is up nearly half a percent this week, the second straight weekly gain. Soybeans have jumped 2.3 percent after closing lower for the past two weeks. On Thursday, the market climbed to $10.00-1/2 a bushel, the highest since Oct 13. Wheat is little changed for the week. The U.S. Department of Agriculture on Thursday confirmed 1,356,360 tonnes in U.S. corn sales to Mexico for shipment in the current and next marketing year. That followed news of several corn purchases by South Korean importers. Cereals markets are likely to be balanced in 2017-18, the U.N. Food and Agriculture Organization (FAO) said, forecasting that global production would surpass last year's record harvest "The FAO forecasts were corn friendly, as was news of hefty U.S. corn exports to Mexico," said Tobin Gorey, director of agricultural strategy at Commonwealth Bank of Australia. "(For soybeans) Brazil's Mato Grosso region remains on the market's watch list." The soybean market has received support from dry weather in Brazil's key producing regions although recent rains have improved crop conditions. Strong demand continues to underpin soybean futures. Chinese imports of oilseeds are forecast to grow to a record 99.8 million tonnes in 2017/18, up 1.3 million tonnes from the prior season, according to a report issued by the USDA's attache in China. Private analytics firm Informa Economics raised its estimate of the U.S. 2017 corn yield to 173.4 bushels per acre (bpa), from its previous monthly estimate of 170.5, three trade sources said. The firm trimmed its U.S. 2017 soybean yield estimate to 49.7 bpa, from 50.0 bpa previously. Commodity brokerage INTL FCStone raised its corn yield estimate to 173.7 bpa, from 169.2 previously. Commodity funds were net buyers of CBOT soybean, corn, wheat and soymeal futures contracts on Thursday and net sellers in soyoil, traders said.

Grains prices at 0248 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 427.50 1.50 +0.35% +2.27% 437.00 45 CBOT corn 350.50 0.00 +0.00% +0.65% 350.12 52 CBOT soy 997.50 -1.75 -0.18% +0.63% 984.81 64 CBOT rice 11.53 $0.09 +0.83% +0.22% $12.12 19 WTI crude 54.79 $0.25 +0.46% +0.90% $51.94 78

Currencies

Euro/dlr $1.166 $0.000 +0.02% +0.35% USD/AUD 0.7684 -0.003 -0.36% +0.12%

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

(Reporting by Naveen Thukral; Editing by Sonali Paul)