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GRAINS-Soybeans rise on dry weather in Argentina, wheat slips

* Soybeans up for third session

* Chicago wheat loses more ground, no U.S. offer in Egypt tender

(Updates prices, adds detail, changes dateline/byline) SINGAPORE/PARIS, 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, though 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 Trade gained 0.3 percent to $9.73-3/4 a bushel by 1208 GMT after climbing on Tuesday to $9.74 a bushel, its highest since Dec. 14. Wheat fell 0.2 percent to $4.21-1/2 a bushel, having closed 0.6 percent down on Tuesday, and corn eased by 0.2 percent to $3.52, canceling out the previous session's 0.2 percent gain. Soybeans drew support as a dry weather pattern lingered in Argentina, reducing yield potential in the No.3 global soy supplier behind 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, though fields in some parts of the country could remain dry.

In the wheat market, prices were also pressured by the absence of U.S wheat in 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.

Offers were all for Russian wheat, except for one cargo of Romanian wheat, with the lowest for 60,000 tonnes of Russian wheat at $192.35 a tonne free on board (FOB), traders said. 1/8nL8N1OR1GT "Black Sea wheat is the only competitive one for the moment. U.S., Australian and French wheat are out," one trader said. 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.

Prices at 1208 GMT

Last Change Pct End Ytd Move 2016 Pct

Move

CBOT wheat Mar 421.50 -0.75 -0.18 408.00 3.31 CBOT corn Mar 352.00 -0.75 -0.21 352.00 0.00 CBOT soy Mar 973.75 3.25 0.33 1004.00 -3.01 Paris wheat Mar 159.50 -1.00 -0.62 177.50 -10.14 Paris maize Jan 150.75 -3.50 -2.27 166.00 -9.19 Paris rape Feb 353.25 1.00 0.28 380.25 -7.10 WTI crude oil 59.42 -0.55 -0.92 53.72 10.61 Euro/dlr 1.19 0.00 0.30

Most active contracts - Wheat, corn and soy US cents/bushel, Paris futures in euros per tonne

(Reporting by Naveen Thukral; Editing by Sunil Nair and David Goodman)