* Chicago wheat futures drop to lowest in more that a week * World supplies remain ample despite Australian drought * Corn futures fall for 2nd session, soybeans edge higher (Adds quote in paragraphs 5-6, updates prices) By Naveen Thukral SINGAPORE, Dec 4 (Reuters) - Chicago wheat futures fell for a third consecutive session on Wednesday, dropping to their lowest in more than a week on pressure from ample world supplies. Corn fell for a second session, while soybean edged higher although gains were limited by U.S. President Donald Trump comments that a trade deal with China might have to wait until after the 2020 presidential election. The most-active wheat contract on the Chicago Board Of Trade was down 0.4% at $5.23 a bushel, as of 0354 GMT, hovering near a session low of $5.22-1/2 - the weakest since Nov. 25. Soybeans were up 0.1% at $8.72 a bushel and corn was down 0.2% at $3.80-1/2 a bushel. "The rally in wheat prices was overdone and not really connected to global prices," said Ole Houe, director of advisory services at brokerage IKON Commodities in Sydney. "World supplies remain plentiful despite the Australian drought and at the moment the task of the world market is to simply chew through stocks." U.S. wheat still faces stiff competition from suppliers in the Black Sea region. Egypt's state grain buyer GASC said on Tuesday it bought 295,000 tonnes of Russian wheat at its latest international purchasing tender. Corn is facing pressure from losses in the wheat market but U.S. harvest delays are providing a floor under the market. In its weekly crop progress report on Monday afternoon, the U.S. Department of Agriculture said 89% of U.S. corn was harvested, up just 5 percentage points from a week earlier and compared with the five-year average of 98%. Trump told reporters in London that there is "no deadline" for an agreement with Beijing to end the tit-for-tat tariff war, dashing hopes of a boost in U.S. soybean sales to China, the world's top importer. Brazil's 2019/2020 soybean crop, in the final phase of planting, could reach a record 122.7 million tonnes, according to the average forecast in a Reuters survey with 16 market analysts, which would be up 6.7% from the government's estimate for the previous season. Commodity funds were net sellers of CBOT wheat and corn futures contracts on Tuesday, traders said. They were net buyers of CBOT soybeans, soymeal and soyoil. Grains prices at 0354 GMT Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 523.00 -2.25 -0.43% -3.46% 518.63 55 CBOT corn 380.50 -0.75 -0.20% -0.20% 387.18 49 CBOT soy 872.00 1.00 +0.11% -0.54% 916.93 20 CBOT rice 12.29 -$0.04 -0.36% -1.56% $12.07 59 WTI crude 56.51 $0.41 +0.73% +2.43% $56.58 Currencies Euro/dlr $1.108 $0.006 +0.57% +0.65% USD/AUD 0.6829 0.007 +0.96% +0.90% Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential (Reporting by Naveen Thukral; Editing by Sriraj Kalluvila)
Our Standards: The Thomson Reuters Trust Principles.