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GRAINS-Soybeans gain for second day on hopes of strong demand; corn, wheat ease

* Soybeans up for second session on expectations of strong demand

* Corn, wheat ease in Asia trade as markets eye U.S. election results (Recasts with change in market direction, adds quote in paragraph 3, updates prices)

SINGAPORE, Nov 4 (Reuters) - Chicago soybean futures rose for a second session on Wednesday, with prices underpinned by robust demand for the oilseed from Brazil to China and lower-than-expected U.S. harvest progress.

Corn and wheat lost ground in Asian trade.

“All eyes are on U.S. elections but for agriculture markets fundamentals of supply-demand are key movers,” said Phin Ziebell, agribusiness economist at National Australia Bank.

The most-active soybean contract on the Chicago Board of Trade rose 0.1% to $10.65-3/4 a bushel, as of 0310 GMT, after gaining 1.1% in the last session.

Corn fell 0.5% to $3.98 a bushel and wheat was down 0.7% at $6.03-1/2 a bushel.

On Tuesday, soybeans rallied on news that Brazil, the world’s biggest soy exporter, is buying U.S. supplies as the country grapples with rising prices of domestic food staples.

A U.S. grain export terminal near Baton Rouge, Louisiana, is loading about 38,000 tonnes of U.S. soybeans on a bulk cargo vessel for shipment to Brazil, according to a Southport Agencies shipping lineup seen by Reuters.

Analysts said corn, rice, wheat and cotton exports to Brazil are possible from the United States, and more likely than soybean sales.

Both corn and soybean futures have been supported by lower-than-expected harvest progress numbers reported by the U.S. Department of Agriculture on Monday.

The U.S. harvest was 82% complete for corn and 87% complete for soybeans, ahead of the crops’ respective five-year averages, but both fell short of average analyst expectations.

Trading in agricultural markets was subdued amid uncertainty over U.S. election results.

President Donald Trump was narrowly leading Democratic rival Joe Biden in the vital battleground state of Florida on Tuesday, while other competitive swing states that will help decide the election outcome, such as Georgia and North Carolina, remained up in the air.

Some analysts say the outcome will not affect the recent spate of grain buying from top importer China.

Private analytics firm IHS Markit Agribusiness, formerly known as IEG Vantage, on Tuesday cut its forecast of the average U.S. 2020 corn yield to 175.7 bushels per acre (bpa), from 177.8 a month ago, according to traders and an IHS client note seen by Reuters.

French soft wheat shipments outside the European Union in October reached their highest monthly level for the season, buoyed by a record volume of exports to China, an initial estimate based on Refinitiv data showed.

Commodity funds were net buyers of CBOT soybeans, corn, soyoil, soymeal and wheat futures contracts on Monday, traders said. (Reporting by Naveen Thukral; Editing by Rashmi Aich)

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