* Chicago corn futures rise after four days of losses
* U.S. harvest pressure keeps a lid on prices
* Lower prices, South American dryness may support prices
* Sovecon raises forecast for Russia's 2021 wheat crop
SINGAPORE, Sept 22 (Reuters) - Chicago corn futures edged
higher on Wednesday, although gains were capped by signs of
ample global supplies as U.S. farmers race to finish harvesting
Wheat gained ground after three days of decline while
soybeans were largely unchanged.
"The market is focused on building seasonal pressure with
the U.S. harvest," said Tobin Gorey, director of agricultural
strategy at Commonwealth Bank of Australia.
"Such a decline though stands a greater chance of finding
significant buying. Dry South American crop regions are an issue
that may help arrest the decline."
The most-active corn contract on the Chicago Board Of Trade
(CBOT) added 0.2% to $5.17-3/4 a bushel as of 0255 GMT,
having closed 0.9% lower in the previous session when prices hit
their weakest since Sept. 14.
Wheat was up 0.4% at $6.92-3/4 a bushel and soybeans
were little changed at $12.73-3/4 a bushel.
The U.S. Department of Agriculture (USDA) said after
Monday's market close that the U.S. corn harvest was 10%
complete, ahead of the five-year average of 9% for this time of
The USDA rated 59% of the U.S. corn crop in
good-to-excellent condition, up 1 percentage point from the
previous week, while also raising its soybean good-to-excellent
score by 1 point to 58%. Analysts on average had expected no
change to either ratings.
The agency's data on Monday showed corn export inspections
were down 48% from the same week a year ago, while soybean
inspections were down 80%.
The wheat market is under pressure from expectations of
higher output in Russia.
Russian agriculture consultancy Sovecon said on Tuesday it
had raised its forecast for the country's 2021 wheat crop by
200,000 tonnes to 75.6 million tonnes due to good yields in
Russia is the world's largest wheat exporter, supplying it
mainly to Africa, the Middle East and Asia. Its crop, dominated
by winter wheat, is expected to be lower than in 2020, when it
harvested 85.9 million tonnes, due to dry weather.
Indian farmers are expected to harvest a record 150.50
million tonnes of grains from summer-sown crops in the crop year
to June 2022, the government said on Tuesday, against 149.56
million tonnes gathered in the previous year.
Commodity funds were net buyers of CBOT soybeans, soymeal
and soyoil futures contracts on Tuesday, and net sellers of CBOT
corn and wheat, traders said.
(Reporting by Naveen Thukral; Editing by Devika Syamnath)