* Corn down ahead of key U.S. supply-demand estimates
* U.S. corn planting at 67%, as of Sunday, above average
* AgRural cuts production estimate for Brazil's corn crop
SINGAPORE, May 11 (Reuters) - Chicago corn futures slid for
a second consecutive session on Tuesday, hitting their lowest in
almost one week as rapidly progressing U.S. planting weighed on
The corn market is taking a break after a strong rally,
ahead of the widely watched World Agricultural Supply and Demand
Estimates (WASDE) to be published by the U. S. Department of
Agriculture (USDA) on Wednesday.
"The May WASDE is always a significant report for the market
because it collates the USDA's worldwide thinking on the
prospective season," said Tobin Gorey, director of agricultural
strategy at Commonwealth Bank of Australia.
"And, those global estimates can potentially make the
market's expectations anchor in a completely different place."
The most-active corn contract on the Chicago Board Of Trade
(CBOT) fell 0.5% to $7.08-1/2 a bushel, as of 0205 GMT,
after dropping to its lowest since May 5 at $7.03-1/4 a bushel
earlier in the session.
Soybeans lost 0.4% to $15.80-1/2 a bushel and wheat
gave up 0.7% to $7.25-1/4 a bushel.
The USDA said U.S. farmers had planted 67% of their intended
corn acres as of Sunday, matching the average estimate in a
Reuters analyst poll.
In a report released after the market closed on Monday, the
agency said corn planting progress was up from 46% a week
earlier and well ahead of the five-year average of 52%.
The decline in corn prices was limited by expectations of
lower output in Brazil.
Brazilian agribusiness consultancy AgRural on Monday said it
cut its production estimate for the country's second corn crop
in the Center South region due to a prolonged drought that
worsened in the first week of May.
Farmers there are now expected to reap 65.1 million tonnes
of second corn, down from 73 million tonnes estimated on April
19, according to a statement. At the same time, AgRural said
average yields are now seen at 84.1 bags of 60 kilograms each
per hectare, the lowest in three years.
Commodity funds were net sellers of CBOT corn, wheat,
soybeans and soyoil futures contracts on Monday and net buyers
of CBOT soymeal, traders said.
(Reporting by Naveen Thukral; Editing by Subhranshu Sahu)