* Corn near its lowest since Nov. 5 on supply pressure
* Soybeans edged higher after dropping 3 pct in 2 days (Adds details, quotes)
By Naveen Thukral
SINGAPORE, Nov 20 (Reuters) - Chicago corn held near a two-week low on Thursday and was headed for its biggest weekly drop in four months on a record U.S. crop and weak demand, while soybeans edged up after two sessions of losses.
Chicago Board of Trade front-month corn was at $3.63-1/4 a bushel by 0305 GMT, near its lowest since Nov. 5 of $3.62-1/2 hit earlier in the session.
January soybeans gained 0.4 percent to $10.08-1/2 a bushel after losing 3 percent over the past two days.
“It has been a great season for corn in the U.S., so with harvest all over they are trying to market it but there is lack of export opportunities because of good grain harvest internationally,” said Phin Ziebell, agribusiness economist at National Australia Bank.
Corn prices have dropped almost 5 percent this week.
U.S. farmers have nearly finished harvesting a record corn crop but exporters are facing stiff competition from cheaper supplies from South America and the Black Sea region.
Three buying agencies in major corn importer South Korea bought grain from any worldwide origin. Supplies from the United States were not expected to be competitive, traders said.
Still, persistent heavy rains in Argentina’s main corn-growing regions have delayed plantings and bode well for U.S. corn exports in the opening months of 2015.
Argentine growers have struggled to complete crop sowings in Buenos Aires and Cordoba provinces lately after heavy rains left fields waterlogged at what is usually the busiest planting window in the country’s most productive areas.
Top global wheat importer Egypt issued a tender after the close of trading on Wednesday, seeking shipments between Dec. 21-31. Egypt’s wheat imports have been dominated in recent months by shipments from France, Ukraine, Russia and Romania.
More competition for U.S. wheat in its home market looms as France is set for its first large shipment of wheat to the United States in 12 years, as the European Union’s top grain producer tries to clear large stocks of lower quality material from a rain-hit harvest.
Crop forecaster Lanworth predicted U.S. winter wheat production would rise in the 2015/16 marketing year as yields rebound, despite a 4 percent year-on-year drop in planted acreage.
Grains prices at 0305 GMT Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 535.50 -2.25 -0.42% -2.95% 525.63 48 CBOT corn 363.25 0.00 +0.00% -3.84% 367.28 38 CBOT soy 1008.25 3.50 +0.35% -2.70% 1002.22 42 CBOT rice $12.36 -$0.05 -0.36% +3.78% $12.43 69 WTI crude $74.43 -$0.15 -0.20% -0.24% $79.64 29 Currencies Euro/dlr $1.255 -$0.001 -0.06% +0.07% USD/AUD 0.861 -0.001 -0.12% -1.25% Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential (Editing by Himani Sarkar)