SINGAPORE, Dec 2 (Reuters) - Chicago wheat futures slid for
a third day on Wednesday, trading near previous session's lowest
in nearly two months on lack of demand for U.S. cargoes and
improving global supply situation.
Corn and soybeans dropped to their lowest levels in two
* The most-active wheat contract on the Chicago Board Of
Trade (CBOT) lost 0.1% to $5.76-3/4 a bushel by 0125 GMT,
after dropping in the previous session to its lowest since Oct.
5 at $5.74 a bushel.
* Corn gave up 0.5% to $4.18-1/2 a bushel and soybeans
fell 0.3% to $11.58 a bushel. Earlier in the session, both
markets hit their lowest since Nov. 17.
* Wheat futures have retreated amid a lack of interest for
U.S. supplies with Black Sea continuing to win business.
* Egypt's main state grains buyer purchased 170,000 tonnes
of Russian and Ukrainian wheat in an international purchase
tender. No U.S. wheat was offered.
* The U.S. Department of Agriculture late Monday rated 46%
of U.S. winter wheat in "good-to-excellent" condition, up from
43% a week earlier, bucking trade expectations for no change.
* Still, ratings were down from a year earlier, reflecting
drought in much of the U.S. Plains breadbasket as the crop
enters winter dormancy.
* The Australian Bureau of Agricultural and Resource
Economics and Sciences raised its estimate of the country's
2020/21 wheat harvest to 31.17 million tonnes, from its
September forecast of 28.91 million.
* CBOT corn and soybeans are facing pressure on fund-driven
liquidation and improving crop weather in Brazil and Argentina.
* StoneX, a commercial grain brokerage, raised its forecast
of Brazil's 2020/21 soybean crop to 133.9 million tonnes from
133.4 million previously.
* Commodity funds hold sizable net long positions in CBOT
corn and soybean futures, leaving both markets prone to bouts of
long liquidation as the calendar year winds down.
* Asian markets were set to climb on Wednesday after Wall
Street indexes closed at record highs as investors grow
increasingly hopeful about a vaccine to combat rising COVID-19
cases and an economic recovery.
0030 Australia Real GDP QQ, YY SA Q3
1000 EU Unemployment Rate Oct
1900 US Federal Reserve issues the
Beige Book of economic condition
(Reporting by Naveen Thukral, Editing by Sherry Jacob-Phillips)