SINGAPORE, Oct 23 (Reuters) - Chicago wheat slid on Monday form a more than one-month high in the previous session, as rains in key Southern Hemisphere producers Australia and Argentina boosted supply prospects.
Corn and soybeans slid for a second consecutive session.
FUNDAMENTALS
* The most-active wheat contract on the Chicago Board of Trade (CBOT) fell 0.2% to $5.85 a bushel, as of 0006 GMT, after climbing to its highest since Sept. 15 at $6.05 a bushel on Friday.
* Corn gave up 0.1% to $4.95 a bushel and soybeans fell 0.04% to $13.01-3/4 a bushel.
* Recent rains across key Australian wheat growing areas are likely to increase yields, adding several million tons to a crop that had been hit by dry weather and boosting the global supply outlook, analysts said.
* Heavy rains drenched drought-hit agricultural regions across Argentina over the weekend, the National Meteorological Service said, raising hopes for better wheat conditions in the South American country.
* For soybeans, China's imports of the oilseed from Brazil rose in September by 23% from a year earlier, data showed on Friday, after a huge crop produced by the South American nation this year continued to reach the world's top buyer.
* Large speculators increased their net short position in CBOT corn futures in the week to Oct. 17, regulatory data released on Friday showed.
* The Commodity Futures Trading Commission's weekly commitments of traders report also showed that noncommercial traders, a category that includes hedge funds, trimmed their net short position in CBOT wheat and soybeans.
MARKET NEWS
* Wall Street ended lower on Friday as investors closed the book on a week marked with mixed earnings, warnings of possible further interest rate hikes from the Federal Reserve, and worries of escalation of the Middle East conflict.
DATA/EVENTS (GMT) 1400 EU Consumer Confid. Flash Oct (Reporting by Naveen Thukral; Editing by Subhranshu Sahu)
