MANILA, April 20 (Reuters) - U.S. wheat futures slipped on Thursday, hovering near a 2-1/2-week low hit in the previous session, on plentiful global supply, while corn and soybeans were largely steady.
* Chicago Board of Trade wheat for May delivery was off 0.1 percent at $4.18-1/2 a bushel by 0101 GMT. The contract briefly touched $4.17-3/4, a tad off Wednesday’s trough which was the lowest since March 31.
* Commonwealth Bank of Australia analyst Tobin Gorey said U.S. wheat exports for the 2016 season look likely to be, at best, 1 million tonnes below the USDA’s current forecasts “unless there are chunky late sales.”
* Gorey also said the firmer dollar is “eating into U.S. competitiveness against almost every other major competitor with the exception of the European Union.”
* Traders said the market focus remained on ample global supply despite emerging weather worries in Europe where crops face spring frosts this week on top of recent dryness.
* Chicago corn was steady at $3.62 per bushel and soybeans were flat at $9.50.
* The Brazilian government will offer up to $159 million in subsidies to help corn producers sell their large crop in the 2016/17 cycle.
* Argentine farmers are expected to plant 5.5 million hectares with wheat and harvest 17.5 million tonnes in the upcoming 2017-18 season compared with 16.3 million tonnes in 2016-17.
* The dollar traded above lows hit earlier this week as investors anxiously awaited this weekend’s first round of presidential voting in France.
* Oil prices regained some lost ground with a slight drop in U.S. crude inventories stoking hopes that a push to rein in global oversupply could be gathering at least some momentum.
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Reporting by Manolo Serapio Jr.; Editing by Subhranshu Sahu