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GRAINS-Wheat slips after two-day runup amid plentiful supply

MANILA, Nov 20 (Reuters) - Chicago wheat futures edged lower on Monday after a two-day advance, pressured by abundant global supplies, while corn and soybeans steadied after sharp gains in the previous session.

FUNDAMENTALS

* Wheat for December delivery on the Chicago Board of Trade was down 0.6 percent at $4.24-3/4 a bushel by 0127 GMT.

* Global wheat demand has been lean at a time of bountiful supply with Russia looking at a record harvest.

* Exports of European Union soft wheat in the 2017/18 season that started on July 1 had reached 7.5 million tonnes by Nov. 14, down 23 percent from the same period a year ago, data showed last week.

* Weekly sales of U.S. wheat fell 37 percent from the prior week to 489,300 tonnes, according to latest data from the U.S. Department of Agriculture.

* Chicago corn was unchanged at $3.43 a bushel after

rising nearly 2 percent on Friday. Soybeans were also

nearly flat at $9.89-1/4 after similarly climbing almost 2 percent in the previous session.

* Large speculators increased their net short position in CBOT corn futures in the week to Nov. 14, data released on Friday showed.

* The Commodity Futures Trading Commission's weekly commitments of traders report also showed that non-commercial traders, a category that includes hedge funds, trimmed their net short position in CBOT wheat and switched to a net short position in soybeans.

* A weed killer blamed for damaging millions of acres of U.S. crops this summer did not reduce yields for most of the

soybeans checked by BASF SE , which makes a version of

the herbicide.

* Corn producers in Brazil's Mato Grosso state should harvest 25 million tonnes of corn in the second harvest of the 2017-18 season, down 19 percent from a year ago, research agency Imea said.

MARKET NEWS

* The euro hit a two-month low against the yen on Monday as German Chancellor Angela Merkel's efforts to form a three-way coalition government failed, raising concerns over political uncertainty in the euro zone's largest economy.

* Asian shares were subdued, pressured by a retreat on Wall Street amid tax reform uncertainty.

DATA/EVENT AHEAD (GMT)

0700 Germany Producer prices Oct

1400 European Central Bank President Mario Draghi speaks to the European Parliament's economic committee

1500 U.S. Leading index Oct

(Reporting by Manolo Serapio Jr.; Editing by Sherry Jacob-Phillips)