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GRAINS-Soybeans ease on faster U.S. harvest, Brazilian weather limits decline

* Soybeans edge down on U.S. harvest pressure

* Dry weather in top soybean producer Brazil to curb losses

* Chicago corn, wheat futures ease in Asian trade (Recasts with change in market direction, adds quote in paragraph 3)

SINGAPORE, Oct 14 (Reuters) - Chicago soybean futures slid on Wednesday, weighed down by a rapid pace of U.S. harvest, although losses were limited by lack of rains in top producer Brazil.

Corn and wheat futures also lost ground.

“U.S. harvest of soybeans and corn is progressing well but Brazilian weather is key for prices,” said one Singapore-based trader at an international trading company.

The most-active soybean contract on the Chicago Board of Trade fell 0.3% to $10.41 a bushel by 0301 GMT.

Corn dropped 0.3% to $3.90 a bushel, while wheat lost 0.4% to $5.91-3/4 a bushel.

Rains that were forecast to blanket a wide portion of Brazil starting on Oct. 10 have arrived in a patchy fashion and will not be sufficient for the nation’s 2020/21 soy planting cycle to advance considerably, meteorologists and industry experts told Reuters.

The U.S. corn harvest was 41% complete as of Sunday, the U.S. Department of Agriculture (USDA) said in a weekly crop progress report on Tuesday, ahead of the five-year average of 32% and the average estimate in a Reuters analyst poll of 39%.

The soybean crop was 61% harvested, the USDA said, well ahead of the five-year average of 42% and slightly ahead of the average analyst estimate of 59%.

U.S. soybean crushings likely dropped in September to the lowest monthly level in a year, while soyoil stocks fell to a 13-month low, according to analysts polled ahead of a National Oilseed Processors Association (NOPA) report due on Thursday.

Argentina’s Federation of Oilseeds Workers started an open-ended wage strike at 2 p.m. (1700 GMT) on Tuesday, the labour group said, with no sign yet of government intervention that would force members back to work while new contract talks are held.

Commodity funds were net buyers of CBOT soybeans, corn, soymeal, soyoil and wheat futures contracts on Tuesday, traders said. (Reporting by Naveen Thukral; Editing by Aditya Soni and Uttaresh.V)

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