GRAINS-Corn hits contract low on big supplies, wheat up again

* CBOT December corn hits new contract low

* Pressure from ample supplies, big U.S. sowings

(Recasts with European trade, adds new comment) HAMBURG, Nov 29 (Reuters) - Chicago corn again hit life-of-contract lows on Wednesday, burdened by large world supplies as the bumper U.S. crop approaches its end, coupled with prospects for even more U.S. corn sowings in the new season. Wheat rose for a second session on bargain-buying after hitting contract lows on Tuesday, although hefty global supplies limited rises. Chicago Board of Trade December corn was down 0.07 percent at $3.36 a bushel at 1146 GMT after earlier on Wednesday hitting a new contract low of $3.35-1/2 a bushel following contract lows set on Tuesday. December wheat rose 0.4 percent to $4.12-1/2 a bushel. Wheat had closed up on Tuesday after touching a contract low of $4.05-1/4. January soybeans fell 0.3 percent to $9.90 a bushel. Corn is coming under pressure as a bumper U.S. harvest is adding to a global supply glut, while the weather in South America for the 2018 crop currently looks benign. The U.S. Department of Agriculture (USDA) on Monday said this year's big U.S. corn harvest was 95 percent complete. U.S. farmers are likely to plant a record amount of land with soybeans in 2018 and will also boost the area devoted to most other major crops such as corn, the USDA said on Tuesday. If the forecasts are borne out, then another year of bumper supply could prolong a global glut of grains that has kept prices of soybean and corn depressed. "The markets still have a bearish mood because of large supplies although corn and wheat are seeing some support from bargain buying after hitting contract lows," said Matt Ammermann, commodity risk manager at INTL FCStone. "The USDA's initial forecasts of U.S. plantings on Tuesday showed that large U.S. crops could also be on the way next season." "The corn market lacks spark, corn is burdened by large supplies as the large U.S. harvest comes to an end. Some weather risks in South America remain but the markets are not too concerned about this yet." "Soybeans are facing weakness because of rain in dry areas of Argentina although the concerns about dryness in Argentine soybean regions has still not been completely removed." Underscoring the tough export environment for U.S. wheat, Egypt's main state grain buyer on Tuesday bought 120,000 tonnes of Russian wheat in an international tender. No U.S. wheat was offered. "Wheat is also seeing some support from buying after the contract lows," Ammermann said. "The overall picture remains pretty bearish. The wheat market also has large supplies and big exports from the Black Sea region continue. Egypt bought all Russian wheat in its tender on Tuesday at lower prices than at its previous tender despite the uncertainty about Egyptian quality rules." Grains prices at 1146 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 431.00 1.75 +0.41% +5.06% 411.25 34 CBOT corn 336.00 -0.25 -0.07% -3.93% 348.33 31 CBOT soy 989.50 -3.50 -0.35% -3.01% 995.69 52 CBOT rice $12.32 $0.02 +0.12% +25.59% $10.09 69 WTI crude $57.73 -$0.26 -0.45% +21.56% $47.73 60


Euro/dlr $1.184

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

RSI 14, exponential

(Reporting by Michael Hogan, additional reporting by Naveen Thukral, editing by Adrian Croft)