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SINGAPORE, Aug 27 (Reuters) - Chicago wheat futures slid for a second session on Tuesday, as the trading sentiment was marred by abundant global supplies following bumper harvests in top exporting countries. Corn fell for a third consecutive session on pressure from crop-friendly weather across the U.S. Midwest.
* The most-active wheat contract on the Chicago Board Of Trade (CBOT) lost 0.2% at $4.74-1/4 a bushel by 0057 GMT, having closed down 0.5% on Monday. Corn gave up 0.1% to $3.68 a bushel and soybeans were down 0.2% at $8.65-1/4 a bushel.
* Wheat faces pressure from increased competition in the global market.
* Export prices for Russian wheat fell last week due to a decline in Chicago grain futures and stiff competition with other producers, analysts said on Monday.
* Black Sea prices for wheat with 12.5% protein content fell $3 to $190 a tonne on a free on board basis by the end of last week, Russian agricultural consultancy IKAR said.
* The wheat market is awaiting results of a tender issued by Egypt, the world's top importer, to buy an unspecified amount of wheat from global suppliers for shipment from Oct. 1 to 10.
* Plentiful rain in most of the U.S. Crop Watch locations last week boosted expectations for corn yield to the highest levels of the season, though the prediction calls for just slightly above average results.
* The week ahead looks drier for most of the Crop Watch locations, which should be fine, but the temperatures will be a little cooler than ideal, especially in northern areas that need heat to push the crops to the finish. However, the week should contain good stretches of much-needed sunshine.
* The U.S. Department of Agriculture on Monday increased its good-to-excellent rating for the corn crop by one percentage point to 57% and its soybean rating by two points to 55%.
* Commodity funds were net buyers of CBOT soybean and soymeal futures contracts on Monday and net sellers of corn and soyoil futures, traders said.
* The soybean market rallied on Monday as trade tensions between Washington and Beijing eased.
* Traders grew hopeful that the world's two largest economies could move toward an agreement to end their trade war as Trump said he believed Beijing was sincere about wanting a deal.
* The trade war heated up on Friday as both sides leveled more tariffs on each other's exports.
* Asian stocks tracked global peers higher on Tuesday while safe-haven bonds sold off as signs Sino-U.S. trade hostilities might be easing helped restore investor confidence after the previous session's rout.
DATA/EVENTS AHEAD (GMT)
0600 Germany GDP Detailed QQ SA Q20600 Germany GDP Detailed YY NSA Q20645 France Business Climate Mfg Aug1400 US Consumer Confidence Aug
Grains prices at 0057 GMT
Contract Last Change Pct chg Two-day chg MA 30 RSICBOT wheat 474.25 -1.00 -0.21% -0.73% 490.43 46CBOT corn 368.00 -0.25 -0.07% +0.07% 402.50 27CBOT soy 865.25 -2.00 -0.23% +1.02% 883.06 44CBOT rice 11.53 $0.00 +0.00% +3.13% $11.90 51WTI crude 53.88 $0.24 +0.45% -0.54% $55.34
Euro/dlr $1.110 $0.000 +0.01% -0.39%USD/AUD 0.6769 0.000 -0.07% +0.22%
Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential
(Reporting by Naveen Thukral; Editing by Rashmi Aich)