* Wheat loses more ground on ample supply
* Poor rating of U.S. crop to put floor under market
* Soybeans little changed after 2 days of decline
* Improved Argentine weather, weak U.S. exports weigh on soy
(Adds comment, detail) SINGAPORE, Feb 2 (Reuters) - Chicago wheat futures slid for a third session on Friday, with prices under pressure from bumper supplies and stiff competition in the export market. Soybeans were largely unchanged after closing lower for the last two sessions, weighed down as U.S. exporters struggle to sell beans and by expectations of improved weather in drought-hit Argentina. Concerns about adverse weather damaging the U.S. winter crop, which drove prices to multi-month high earlier his week, are likely to limit the downside in prices. But analysts say it is too early to get worried about the crop condition until snow melts in March or April. "We won't know about the yield prospects until the last of the snow melts," said Phin Ziebell, agribusiness economist at National Australia Bank. "Globally there is no worry about supplies as of now." For the week, the Chicago Board of Trade most-active wheat contract is up 2 percent, a third week of gains. It was trading down 0.2 percent at $4.50 a bushel by 0257 GMT. Soybeans are almost flat for the week, while corn gained 1.5 percent, on track for a third straight weekly rise. The soybean market is facing pressure from lackluster demand for U.S. cargoes. U.S. soybean export sales fell to a seven-month low last week, according to government data released on Thursday, as stiff competition from rival exporter Brazil and concerns over lower U.S. crop quality dented demand from key buyers such as China. The poor weekly sales tally has raised concerns that overseas shipments could contract further than expected. Net U.S. soybean export sales last week totalled just 409,700 tonnes, well below trade expectations.
Broker and consultancy INTL FCStone on Thursday raised its Brazilian soybean harvest forecast to 111.08 million tonnes, up about 1 million from its January outlook and above the USDA's latest estimate of 110 million tonnes. Net corn export sales of nearly 1.9 million tonnes last week topped trade expectations. 1/2EXP/CORN 3/8 Commodity funds were net buyers of CBOT corn and wheat futures on Thursday and net sellers of soybeans, soymeal and soyoil, traders said.
Grains prices at 0257 GMT
Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 450.00 -1.00 -0.22% -1.59% 431.07 68 CBOT corn 361.75 0.00 +0.00% +0.07% 352.61 73 CBOT soy 984.75 -0.25 -0.03% -1.55% 972.71 54 CBOT rice 12.37 -$0.04 -0.28% -0.32% $12.06 65 WTI crude 66.12 $0.32 +0.49% +2.15% $62.79 69
Euro/dlr $1.249 $0.007 +0.57% +0.77% USD/AUD 0.7999 -0.011 -1.36% -0.36%
Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential
(Reporting by Naveen Thukral; Editing by Joseph Radford)