* Global 2014/15 wheat stocks seen up by almost 1 mln T to 187.4 mln T-USDA
* Soy underpinned by tight U.S. old-crop stocks (Adds analyst’s quotes; updates prices)
By Naveen Thukral
SINGAPORE, May 14 (Reuters) - U.S. wheat futures lost more ground on Wednesday, falling for a sixth consecutive session as investors liquidated their positions on forecasts of ample global supplies.
Soybeans rose for a second day as concerns over tight U.S. stocks supported prices ahead of a widely watched industry report on demand from domestic processors.
Chicago Board of Trade July wheat fell 0.3 percent to $7.07-1/4 a bushel by 0310 GMT. July soybeans rose 0.2 percent to $14.86 a bushel, adding to Tuesday’s 1.3 percent gain.
July corn fell 0.3 percent to $5.01-1/2 a bushel, having closed up 0.7 percent in the previous session.
“It was tensions in Ukraine and problems with the U.S. winter wheat which drove prices higher,” said Ole Houe, an analyst at Sydney-based brokerage IKON Commodities.
“But the problem with the hard-red winter crop is not very big if you look at it from a global perspective.”
The U.S. Department of Agriculture on Friday forecast global wheat production for 2014/15 at 697 million tonnes, down from a record 714 million tonnes in 2013/14. But global wheat stocks for 2014/15 are seen rising by almost 1 million tonnes to 187.4 million tonnes.
In addition, wheat prices are coming under pressure as funds liquidate long positions on poor export demand for U.S. supplies.
In soybeans, tight U.S. supplies underpinned values although expectations of a slowdown in Chinese demand capped gains.
The National Oilseed Processors Association will release its monthly report on crush data and oilseed stocks on Thursday. The report will show the level of domestic crushing, giving an indication of demand from U.S. processors.
The USDA said on Monday that corn planting was a better-than-expected 59 percent complete as of May 11, up from 29 percent a week earlier and 1 percentage point ahead of the average mid-May pace from 2009 to 2013.
Soybean planting was 20 percent complete, up 15 percentage points from last week but 1 percentage point behind the five-year average.
Prices at 0310 GMT Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 707.25 -2.00 -0.28% -2.11% 700.03 42 CBOT corn 501.50 -1.25 -0.25% -1.18% 507.70 48 CBOT soy 1486.00 2.25 +0.15% -0.07% 1475.64 58 CBOT rice $15.35 $0.02 +0.13% -0.55% $15.51 27 WTI crude $101.97 $0.27 +0.27% +1.37% $101.55 66 Currencies Euro/dlr $1.371 -$0.004 -0.31% -0.91% USD/AUD 0.939 0.003 +0.28% +0.19% Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential (Editing by Muralikumar Anantharaman)