GRAINS-Wheat languishes near 1-month low on supply pressure; soybeans ease

* Higher U.S. planting, ample supplies cap wheat prices

* Soybeans dip from 1-week high; corn up for 2nd day

(Adds details, comments) SINGAPORE, Jan 17 (Reuters) - Chicago wheat futures were little changed on Wednesday, with the market trading near last session's one-month low as ample global supplies and higher than previously expected U.S. winter crop planting kept a lid on prices. Soybeans ticked lower, giving up some of the gains recorded in the previous session which had lifted prices to a one-week high on concerns over dryness in Argentina. Corn rose for a second day on short-covering. The Chicago Board Of Trade most-active wheat contract was flat at $4.16-1/2 a bushel by 0320 GMT, having dropped on Tuesday to $4.13-1/4 a bushel, the lowest since December 13, 2017. Soybeans gave up 0.1 percent to $9.67-1/2 a bushel, while corn added 0.1 percent to $3.48-1/2 a bushel. "U.S. wheat farmers are losing money but they seem to be still planting wheat," said Phin Ziebell, agribusiness economist at National Australia Bank. "Wheat prices are unlikely to recover much unless fundamentals change, (there is) a big weather risk or lower planting." The U.S. Department of Agriculture estimated 2018 U.S. winter wheat plantings at 32.608 million acres, above analyst expectations for 30.1 million to 32 million acres. U.S. wheat was not among the offers in a tender by top importer Egypt, which ultimately bought 295,000 tonnes of Russian wheat on Tuesday. Winter weather remains favorable for Russia's winter grain sowings so far, the head of the weather forecaster Hydrometcentre said on Tuesday, indicating good prospects for the country's 2018 crop. The soybean market is being underpinned by dry weather in Argentina, although favorable growing conditions in Brazil have boosted hopes of a bumper crop. Widespread rains in Brazil over the weekend fueled speculation that the world's largest exporter could harvest a bigger crop this season after record production last year. U.S. domestic demand supported soybeans after the National Oilseed Processors Association reported a record-large December soybean crush of 166.382 million bushels among its members. Commodity funds were net buyers of CBOT corn, soybean and soymeal futures contracts on Tuesday, and net sellers of wheat and soyoil futures, traders said.

Grains prices at 0320 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 416.50 0.00 +0.00% -0.95% 424.89 33 CBOT corn 348.50 0.25 +0.07% +0.65% 350.26 46 CBOT soy 967.50 -0.50 -0.05% +0.73% 975.82 59 WTI crude 63.77 $0.04 +0.06% -0.82% $59.66 73


Euro/dlr $1.227 $0.001 +0.07% +0.05% USD/AUD 0.7967 0.001 +0.09% +0.05%

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

(Reporting by Naveen Thukral; Editing by Kenneth Maxwell)