GRAINS-Wheat eases on global supply pressure, corn dips after rally

SINGAPORE, Nov 30 (Reuters) - U.S. wheat futures lost ground on Thursday, slipping for four of six sessions and trading near contract lows made earlier this week as record world supplies added pressure on prices. Corn ticked lower after climbing 0.8 percent in the previous session as a recovery in demand supported prices, while soybeans eased with focus on improved weather in Argentina.


* The wheat market is facing headwinds from abundant global supplies. Prospects for Russia to produce another big wheat harvest in 2018 added to the bearish sentiment.

* In the first major estimate for the coming year, agriculture consultancy SovEcon forecast Russia's 2018 wheat crop at 76.7 million tonnes, which would be the country's second-largest after a record 83.9 million tonnes this year.

* In the corn market, expectations of higher demand underpinned prices.

* China has bought around 10 to 12 cargoes of mainly U.S. corn in the past month, three trade sources said, and is set to step up purchases as a record spread between domestic and international prices encourages buyers to seek out cheap imports.

* The U.S. Department of Agriculture confirmed on Wednesday that private exporters sold 101,600 tonnes of U.S. corn to unknown destinations for delivery in the 2017-18 marketing year started Sept. 1.

* Rains in parts of Argentina have reduced concerns over crop development although more moisture is needed.

* Brazilian analysts are likely to raise their soybean output forecasts in coming weeks as climate fears have subsided and the crop is developing well, four consultancies told Reuters this week.

* Brazil, the world's largest exporter of the oilseed and the No. 2 producer after the United States, is currently expected to harvest 109.43 million tonnes of beans in the 2017/18 cycle, based on an average of forecasts compiled in a recent poll.

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


* Asian shares fell on Thursday, weighed down by a plunge in high-flying technology shares, a move that some see as a healthy correction after a strong rally but others believe may herald the peak of a "super cycle" that has been boosting the sector.


0100 China Official manufacturing PMI Nov 0100 China Official non-manufacturing PMI Nov 0700 Germany Retail sales Oct 0745 France Producer prices Oct 0900 Germany Unemployment rate Nov 1000 Euro zone Inflation Nov 1000 Euro zone Unemployment rate Nov 1330 U.S. Weekly jobless claims 1330 U.S. Personal income Oct 1445 U.S. Chicago PMI Nov

Grains prices at 0136 GMT

Contract Last Change Pct chg MA 30 RSI CBOT wheat 433.50 -1.25 -0.29% 433.50 38 CBOT corn 353.00 -0.50 -0.14% 353.00 41 CBOT soy 991.75 -0.75 -0.08% 991.75 57 CBOT rice 12.38 $0.00 +0.00% $12.38 70 WTI crude 57.38 $0.08 +0.14% $57.38 56


Euro/dlr $1.186 $1.186 USD/AUD 0.7583 0.758

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

(Reporting by Naveen Thukral; Editing by Sherry Jacob-Phillips)