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GRAINS-Wheat prices face second week of losses on record world supply, improved weather

improved weather@

* Wheat falls 3.7 percent in 2 weeks, biggest drop since mid-Dec

* Improved weather in U.S. Plains, Black Sea area adds pressure

(Adds comment, detail) SINGAPORE, March 16 (Reuters) - Chicago wheat ticked up on Friday but was poised for a second week of decline, weighed down northern hemisphere suppliers. Corn was little changed after dropping for the last two sessions, while soybean prices gained ground. The Chicago Board of Trade most-active wheat contract has given up 3.7 percent in two weeks, its biggest 2-week fall since mid-December. Corn is down 1 percent this week, after closing higher for the last two weeks, while soybeans are set to finish the week up 0.6 percent, having dropped 3 percent last week. Favorable weather ahead of spring grain sowing in Black Sea producers Russia and Ukraine is bolstering the chances of another large harvest due to good levels of soil moisture, analysts and industry officials said. "As far as the Black Sea production looks good, buyers are not too worried about U.S. drought," said one Singapore-based trader who sells wheat to millers across Southeast Asia. "Mills are not going to chase a rally in prices at this stage." Active spring grain sowing in Russia and Ukraine, major global exporters of the foodstuff, is expected to start later than last year due to a delayed spring and deep snow cover. Rains next week in the northeast section of the drought-hit U.S. southern Plains are expected to boost soil moisture, although parts of Kansas and Oklahoma were likely to remain abnormally dry, meteorologists said. Egypt's state-buyer GASC bought 240,000 tonnes of Russian and Romanian wheat in a tender on Thursday. That was more wheat than the United States sold all of last week, when new sales totalled 219,500 tonnes, below expectations, according to U.S. Department of Agriculture data. Importers are buying U.S. corn at the fastest pace since the mid-1990s, the USDA data showed, as tightening stocks in Latin America prompt a rush to purchase cargoes of the grain from animal feeders worldwide. U.S. soybean plants crushed more bushels of the oilseed than expected in February, exceeding last year's processing pace for the month by 7.7 percent and shattering a previous February record set in 2010, the National Oilseed Processors Association said. Commodity funds were net sellers of CBOT corn and wheat futures contracts on Thursday and net buyers of soybean and soyoil futures, traders said.

Grains prices at 0322 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 481.50 2.75 +0.57% -1.03% 479.06 47 CBOT corn 386.75 0.00 +0.00% -1.28% 379.04 70 CBOT soy 1045.50 4.75 +0.46% -0.31% 1034.58 56 CBOT rice 12.43 $0.02 +0.16% +1.30% $12.42 66 WTI crude 61.15 -$0.04 -0.07% +0.31% $61.73 44

Currencies

Euro/dlr $1.231 -$0.006 -0.49% -0.68% USD/AUD 0.7789 -0.009 -1.12% -0.87%

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)