* Wheat falls after two days of gains, ample supplies weigh
* Corn ticks lower as USDA's forecast of bumper crop weighs
(Adds details, quotes) Nov 13 (Reuters) - Chicago wheat futures lost ground on Monday, falling after two days of gains as abundant global supplies and a stronger dollar weighed on the market. Corn edged lower, falling for five out of seven sessions, weighed down by a U.S. government estimate of higher-than-expected production. The Chicago Board of Trade most-active wheat contract gave up 0.4 percent to $4.30 a bushel by 0259 GMT, having closed up 0.6 percent on Friday. Corn lost 0.2 percent at $3.43 a bushel and soybeans added 0.1 percent to $9.87-3/4 a bushel. Plentiful global wheat supplies and a large Russian harvest have been putting downward pressure on prices. "Wheat markets broadly are now focussed on export sales from the big producers," said Tobin Gorey, director of agricultural strategy at Commonwealth Bank of Australia. "The U.S. needs to export substantial amounts of wheat so prices remain vulnerable to further U.S. dollar strength." The dollar rose against its major peers on Monday as U.S. yields spiked and as the pound stumbled, although the main investor focus was still on a planned U.S. tax overhaul. A stronger dollar makes greenback-priced U.S. commodities more expensive for importers holding other currencies. U.S. wheat is struggling with Black Sea exporters, who are winning a big chunk of the global export business. But India's decision to raise its wheat and peas import tax will reduce the flow of wheat shipments from the main Black Sea producers Ukraine and Russia and has already hit the Russian market for peas, traders and analysts said. India doubled its import tax on wheat to 20 percent last week, as the world's second biggest producer tries to rein in imports to support local prices. For corn, a supply-demand report issued by the U.S. Department of Agriculture last week raised estimates of the U.S. corn yield to a record-high 175.4 bushels per acre, topping trade expectations. Commodity funds were net buyers of CBOT corn, wheat, soybean and soymeal futures contracts on Friday and net sellers of soyoil, traders said.
Grains prices at 0259 GMT
Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 430.00 -1.50 -0.35% +0.23% 432.21 51 CBOT corn 343.00 -0.50 -0.15% +0.44% 348.47 35 CBOT soy 987.75 0.75 +0.08% +0.28% 987.83 49 CBOT rice 11.45 $0.03 +0.26% +0.13% $11.96 32 WTI crude 56.83 $0.09 +0.16% -0.59% $53.04 72
Euro/dlr $1.165 -$0.001 -0.12% +0.08% USD/AUD 0.7650 -0.001 -0.14% -0.36%
Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential
(Reporting by Naveen Thukral Editing by Richard Pullin)