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GRAINS-Soybeans gain as USDA harvest report raises supply worries

SYDNEY, Nov 3 (Reuters) - U.S. soybean futures rose on Tuesday as the U.S. Department of Agriculture pegged the pace of the harvest behind market forecasts, fuelling concerns about supplies.

FUNDAMENTALS

* The most-active soybean futures on the Chicago Board of Trade were up 0.6% at $10.58-3/4 a bushel by 0220 GMT, having closed down 0.4% on Tuesday.

* Corn futures were unchanged at $3.97-1/2 a bushel, having closed little changed in the previous session.

* Wheat futures were up 0.4% at $6.09-1/2 a bushel, having closed up 1.5% on Tuesday.

* The U.S. Department of Agriculture said the U.S. corn harvest was 82% complete, ahead of the five-year average of 69%, and the soybean crop was 87% harvested, ahead of the five-year average of 83%.

* However, both figures fell short of the average expectations in a Reuters poll of analysts.

* The USDA rated 43% of the U.S. winter wheat crop in good to excellent condition, up from 41% a week earlier but below the average estimate of 45% in a Reuters survey.

MARKET NEWS

* The U.S. dollar hovered near a one-month high as investors opted for caution in the hours ahead of polls opening on election day in the United States.

* Oil prices slipped as worries about soaring COVID-19 cases, rapidly rising Libyan supply and U.S election jitters outweighed growing hopes that major producers would hold back on planned production increases.

* Asian shares looked set to climb on Tuesday as investors shrugged off U.S. election jitters and took hope in strong factory output data in China, Europe and the United States.

Reporting by Colin Packham; editing by Uttaresh.V

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