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GRAINS-Wheat dips for 2nd day as world inventories weigh, corn down

SINGAPORE, Nov 21 (Reuters) - Chicago wheat futures lost ground for a second session on Tuesday with abundant global supplies adding pressure on prices. Corn slid after rising for two sessions while soybeans were marginally lower for a second day.

FUNDAMENTALS

* U.S. and European wheat exporters are struggling to win business as Black Sea exporters led by Russia with a record crop dominate the global market.

* There could be further pressure on prices as Ukrainian winter grain crops are in a better condition than at the same date last year thanks to favorable weather.

* The U.S. Department of Agriculture (USDA) said 259,264 tonnes of U.S. wheat were inspected in the week ended Nov. 16, near the low end of analyst estimates for 250,000 to 450,000 tonnes.

* But a tender issued by Iraq, which is seeking 50,000 tonnes of wheat from the United States, Australia or Canada, could bring fresh U.S. sales as there will not be competition from Russia and Ukraine.

* The USDA in a weekly report said the soybean harvest was 96 percent complete and the corn harvest was 90 percent done, both 1 percentage point below analyst estimates.

* Losses in soybeans were capped by dry weather in Argentina, which could hurt yields in the top soymeal and soyoil exporter.

* "Drier than average conditions to dominate Argentina's Pampas through at least end of month; early corn and soybean area and yield could start to be negatively affected," Thomson Reuters Agriculture Research analysts said in a note.

* Commodity funds were net buyers of Chicago Board of Trade corn, soybean and soymeal futures contracts on Monday and net sellers of wheat and soyoil futures, traders said.

MARKET NEWS

* Asian stocks edged higher on Tuesday as investors took heart from further evidence of strength in the global economy, while the dollar hovered near a one-week high against its peers thanks to higher U.S. yields and a floundering euro.

DATA AHEAD (GMT)

1330 U.S. National activity index Oct 1500 U.S. Existing home sales Oct

Grains prices at 0107 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 421.75 -0.25 -0.06% +0.06% 428.96 43 CBOT corn 344.00 -1.00 -0.29% +2.23% 346.86 52 CBOT soy 988.75 -1.25 -0.13% +1.72% 988.16 58 CBOT rice 12.31 -$0.07 -0.57% +1.15% $11.93 78 WTI crude 56.35 -$0.07 -0.12% -0.35% $54.17 59

Currencies

Euro/dlr $1.174 $0.001 +0.07% -0.45% USD/AUD 0.7545 0.000 -0.05% -0.26%

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)