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GRAINS-Soybeans up for third day as USDA may reduce yield estimate

* Soybeans gain more ground on lower U.S. yield expectations

* Corn, wheat face pressure from burdensome world supplies

(Adds details, quotes) Nov 8 (Reuters) - Chicago soybean futures rose for a third consecutive session on Wednesday with support from expectations that the United States government will lower its production estimates for the crop which is being harvested. Corn eased for a fourth straight session while wheat lost more ground as both markets were weighed down by plentiful world supplies. The Chicago Board Of Trade most-active soybean contract increased 0.1 percent at $9.97 a bushel by 0255 GMT, having climbed 0.2 percent on Tuesday. Corn fell 0.1 percent to $3.47-1/4 a bushel, having closed 0.1 percent lower in the previous session and wheat slid 0.2 percent to $4.26-1/4 a bushel, having closed 0.8 percent lower on Tuesday. "Expectations are that the USDA will lower U.S. soybean yields, it is bit supportive for the market even though we have ample global supplies," said Phin Ziebell, an agribusiness economist at National Australia Bank. "There is improving weather for U.S. wheat which is adding pressure on prices." The market is expected to focus on the U.S. Department of Agriculture (USDA) supply and demand report on Thursday. Analysts expect the report to show higher corn yields, lower soybean yields and still-ample global supplies of grains and oilseeds. Brazil is expected to produce 108.8 million tonnes of soybeans in the 2017-18 crop, the Brazilian Association of Vegetable Oil Industries, or Abiove, said on Tuesday, raising its outlook from an October forecast of 108.5 million tonnes. Abiove maintained its estimates of 65 million tonnes of soy exports and 43 million tonnes of soy processing next year. China will commit to buy more U.S. soybeans during President Donald Trump's visit to Beijing this week, a U.S. industry official said, underlining the importance of trade in farm goods even as tensions grow between the world's top two economies.

Wheat prices are under pressure as the condition of the U.S. crop improves, easing concerns about the state of the grain. The focus is on Egypt's tender to buy an unspecified amount of wheat from global suppliers for shipment from Dec. 15 to 30.

Commodity funds were net sellers of CBOT corn, wheat and soymeal futures contracts on Tuesday and net buyers of soybeans and soyoil, traders said.

Grains prices at 0255 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 426.25 -1.00 -0.23% -1.04% 434.11 44 CBOT corn 347.25 -0.50 -0.14% -0.22% 349.48 41 CBOT soy 997.00 1.00 +0.10% +0.30% 986.32 59 CBOT rice 11.52 $0.00 +0.00% -0.52% $12.07 31 WTI crude 57.05 -$0.15 -0.26% -0.52% $52.48 82

Currencies

Euro/dlr $1.160 $0.001 +0.09% -0.12% USD/AUD 0.7655 0.001 +0.14% -0.46%

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

(Reporting by Naveen Thukral; Editing by Christian Schmollinger)