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GRAINS-Soybeans gain for second session on strong demand, wheat eases

* Supplies from freshly harvested U.S. soybeans seen keeping a lid on prices

* Wheat eases after 2 days of gains on worries over dry weather (Adds quote in paragraph 3, updates prices)

SINGAPORE, Oct 6 (Reuters) - Chicago soybean futures ticked higher for a second session on Tuesday, with strong demand underpinning prices, although gains were capped on rapidly progressing U.S. harvest.

Wheat slid after two sessions of gains, while corn rose.

“U.S. yields are coming in very high and there is harvest pressure,” said Terry Reilly, senior analyst with Futures International in Chicago.

The most-active soybean contract on the Chicago Board of Trade (CBOT) rose 0.5% to $10.26-1/4 a bushel, as of 0217 GMT. Wheat lost 0.5% to $5.81-1/2 a bushel, while corn added 0.1% to $3.79-3/4 a bushel.

The U.S. Department of Agriculture (USDA) said on Monday weekly export inspections of soybeans totalled 1.667 million tonnes, topping market forecasts that ranged from 1.05 million to 1.55 million tonnes.

China, by far the world’s biggest soybean importer, has been actively buying U.S. beans.

U.S. soybean harvest was 38% complete as of Sunday, the USDA said in a weekly crop progress report on Monday, ahead of the five-year average of 28% and the average estimate in a Reuters analyst poll of 36%.

The U.S. corn crop was 25% harvested, the USDA said, just ahead of the five-year average of 24% but behind the average analyst estimate of 26%.

The wheat has been supported in the last two sessions by concerns over dryness in key exporting nations.

French soft wheat shipments outside the European Union in September fell to their lowest monthly level in at least 11 years as activity continued to ease after a poor harvest, an initial estimate based on Refinitiv data showed.

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

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