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GRAINS-Wheat hits 2-week low, soybeans ease from 7-month peak

* Chicago wheat falls for 3rd day, hits lowest since Feb. 6

* Ample wheat supplies weigh, market looks to Egypt tender

* Soybeans dip from 7-mth high, Argentina drought limits losses

(Adds comment, detail) SINGAPORE, Feb 21 (Reuters) - Chicago wheat prices slid for a third session on Wednesday to mark a two-week low, pressured key exporting countries. Soybean prices inched down, but stayed close to their highest in nearly seven months on concerns that dry weather in Argentina could cause production losses. The Chicago Board of Trade most-active wheat contract had fallen 0.6 percent to $4.46-1/2 a bushel by 0252 GMT, its weakest since Feb. 6. Soybeans were down 0.5 percent at $10.21-1/2 a bushel after climbing to their highest in nearly seven months at $10.39 a bushel on Tuesday. Corn slid 0.1 percent to $3.65 a bushel, having closed down 0.5 percent in the previous session. "Wheat could not hold on to those earlier gains," said Phin Ziebell, an agribusiness economist for National Australia Bank, referring to last week's rally which lifted prices to their highest since August. "We continue to face heavy supplies. We had some dry weather issues in the United States, but elsewhere in the Black Sea region there is minimal supply concern." The market is looking to the outcome of a tender issued by Egypt's General Authority for Supply Commodities to buy an unspecified amount of wheat from global suppliers for shipment from March 22-April 1. Wheat suppliers from the Black Sea region and Europe have bagged most of the tenders issued by Egypt, the No. 1 importer, with U.S. exporters struggling to win business. Ukraine's winter grain crops were in a good or satisfactory condition as of Feb. 19, thanks to favourable weather, agriculture minister Maksim Martyniuk said on Monday.

For soybeans, sizzling conditions in Argentina since November have prompted traders and analysts to slash harvest estimates, fuelling projections that export business could shift to the United States from South America. Argentine farm consultancy Agripac cut its forecast for soybean production by about 18 percent from the start of the season to 47 million tonnes and its corn crop estimate by 12 percent to 37 million tonnes. Still, Brazil is on track for a record crop. The country's 2017/18 soybean crop is expected to reach 115.6 million tonnes, 1.2 percent above last year's all-time high crop of 114.2 million tonnes, according to an updated forecast on Monday from consultancy Safras & Mercado. Commodity funds were net buyers of CBOT soybean, soyoil and soymeal futures contracts on Tuesday and net sellers of wheat futures, traders said.

Grains prices at 0252 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 446.50 -2.75 -0.61% -2.46% 442.20 42 CBOT corn 365.00 -0.50 -0.14% -0.68% 358.56 54 CBOT soy 1021.50 -5.00 -0.49% +0.00% 988.08 68 CBOT rice 11.86 $0.00 +0.00% -1.33% $12.21 26 WTI crude 61.33 -$0.46 -0.74% -0.57% $63.20 45

Currencies

Euro/dlr $1.234 $0.000 +0.01% -0.56% USD/AUD 0.7865 -0.002 -0.20% -0.58%

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)