* Wheat loses more ground as market takes breather after rally
* Corn futures drop, soybeans down on U.S. harvest pressure
SINGAPORE, Nov 3 (Reuters) - Chicago wheat futures slid for a second session on Wednesday as the market's rally to its highest level since 2012 prompted heavy selling, although tightening global supplies and strong demand capped losses.
Corn lost more ground while soybeans eased after closing higher on Tuesday.
"New highs are finding new sellers is unsurprising," Tobin Gorey, director of agricultural strategy, Commonwealth Bank of Australia said, referring to gains in the wheat market.
The most-active wheat contract on the Chicago Board Of Trade (CBOT) was down 0.3% at $7.89-1/2 a bushel, as of 0340 GMT, after hitting a December 2012 high of $8.07 a bushel on Tuesday.
Soybeans were down 0.4% at $12.50-3/4 a bushel and corn lost 0.6% to $5.69-1/2 a bushel.
The wheat market has rallied on the back of supply concerns and strong demand.
The U.S. Department of Agriculture report on Monday showed "good-to-excellent" ratings for the U.S. winter wheat crop fell to 45% - bucking analysts' expectations for an improvement.
Saudi Arabia's main state wheat buying agency said it bought about 1.268 million metric tonnes of milling wheat in a massive deal that exceeded some traders' expectations.
Argentine farmers have sold 33.1 million tonnes of soy from the 2020/21 season, the agriculture ministry said on Tuesday in a report including data updated through Oct. 27.
Commodity funds were net buyers of CBOT soybean and soymeal futures contracts on Tuesday, traders said. The funds were net even in soyoil futures, and net sellers of wheat futures, they said. (Reporting by Naveen Thukral; Editing by Sherry Jacob-Phillips)
