* Wheat loses ground as ample global supplies weigh
* For 2017, wheat poised for a gain of 4.5 pct
(Adds details, quotes) SINGAPORE, Dec 29 (Reuters) - Chicago wheat furfures slid for a second straight session on Friday with prices weighed down 2017 with a gain of 4.5 percent after dropping for the last four years. Soybeans slid for a third consecutive session as improved weather across Argentina added pressure, and the market has lost almost 5 percent this year following bumper production Brazil, Argentina and the United States. The Chicago Board Of Trade most-active wheat contract is set to finish the year up about 4.5 percent, having lost almost 50 percent of its value in the past four years. It was trading down 0.2 percent at $4.27 a bushel as of 0301 GMT on Friday. Soybeans are down nearly 5 percent in 2017 after posting gains of more than 16 percent in the previous year, while corn is little changed for the year, having lost ground for past four years. Concerns about supplies of high quality wheat and reduced planting in the United States have provided a floor to the wheat market in 2017. "The supply of high-protein wheat is really a concern this year," said one Singapore-based trader. "Apart from the United States, there is not much high-protein wheat available." Australia, a key wheat supplier to Asia, is expected to produce its lowest crop in 10 years after dry weather during the growing period and rains ahead of the harvest. Soybeans are being weighed down by concerns about ample global supplies and improving weather conditions in South America for harvest early next year. Half of U.S. soybeans exported to China this year would not meet Chinese rules for routine delivery in 2018, according to shipping data reviewed by Reuters, signalling new hurdles in the $14-billion-a-year business. Grains inspectors and crushers called a 48-hour strike at Argentina's main port on Thursday, citing safety concerns after a worker was killed in an explosion, said Guillermo Wade, manager of the Chamber of Port and Maritime Activities.
Commodity funds were net sellers of CBOT soybean, corn and wheat futures contracts on Thursday, traders said.
Grains prices at 0301 GMT
Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 427.00 -0.75 -0.18% -0.23% 428.11 67 CBOT corn 350.50 -1.50 -0.43% -0.92% 352.45 58 CBOT soy 956.25 -0.50 -0.05% -1.16% 989.70 27 CBOT rice 11.60 -$0.05 -0.47% -1.61% $12.09 30 WTI crude 60.17 $0.33 +0.55% +0.89% $57.70 75
Euro/dlr $1.195 $0.000 +0.03% +0.50% USD/AUD 0.7794 0.000 -0.03% +0.35%
Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential
(Reporting by Naveen Thukral; Editing by Subhranshu Sahu)