* Soybeans up for 3rd day on concerns over Argentina dry weather
* Chicago wheat loses more ground, market eyes Egypt tender
(Adds details, quotes) SINGAPORE, Dec 27 (Reuters) - Chicago soybean futures rose for a third consecutive session on Wednesday with the market trading near its highest in almost two weeks on concerns over dry weather in Argentina. Wheat slid for a third session in a row as ample global supplies weighed on the market although losses were limited by concerns about freezing weather across the U.S. grain belt threatening the winter crop. The most-active soybean contract on the Chicago Board Of gained 0.2 percent at $9.61-1/4 a bushel by 0243 GMT after climbing on Tuesday to $9.74 a bushel, the highest since Dec. 14. Wheat fell 0.2 percent at $4.21-1/2 a bushel, having closed down 0.6 percent on Tuesday and corn eased 0.2 percent to $3.52 a bushel, having gained 0.2 percent in the previous session. Soybeans drew support as a dry weather pattern lingered in Argentina, reducing yield potential in the No. 3 global soy supplier after the United States and Brazil. Rainfall over the weekend in much of Argentina's main soy and corn areas will improve soil moisture, analysts said. But fields in some parts of the country could remain dry.
In the wheat market focus was on a tender issued by Egypt's General Authority for Supply Commodities to buy an unspecified amount of wheat from global suppliers for shipment from Feb. 1 to Feb. 10. "Just as in the previous tenders, this tender is likely to be awarded to Black Sea wheat as U.S. and Australian wheat cargoes are still too expensive," said a Singapore-based trader. The Russian government approved the release of up to 500,000 tonnes of grain from state reserves for export in 2017 or 2018, a document published on its official website said, to free up storage space and reduce budget spending on servicing the stock.
Losses in the wheat market were checked by U.S. weather concerns. Temperatures are expected to be below freezing in much of the Plains and Midwestern winter wheat-growing areas, potentially putting dormant plants at risk of damage, meteorologists and traders said. Speculative investors, including hedge funds, expanded net short positions in soybeans and corn and trimmed their net shorts in wheat in the latest reporting week, Commodity Futures Trading Commission data showed on Friday.
Grains prices at 0243 GMT
Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 421.50 -0.75 -0.18% -1.29% 429.63 62 CBOT corn 352.00 -0.75 -0.21% +0.21% 352.55 75 CBOT soy 961.25 2.00 +0.21% +1.32% 980.23 43 CBOT rice 11.80 $0.00 +0.00% -1.67% $12.08 41 WTI crude 59.73 -$0.24 -0.40% +2.15% $57.41 75
Euro/dlr $1.186 $0.000 +0.01% -0.08% USD/AUD 0.7736 0.001 +0.12% +0.27%
Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential
(Reporting by Naveen Thukral; Editing by Sunil Nair)