* Wheat falls for third straight session
* Corn falls from 14-month peak
* Soybeans fall despite supply and demand concerns
SYDNEY, Oct 28 (Reuters) - U.S. wheat futures fell nearly 1% on Wednesday to a two-week low as concerns about global supplies eased on forecasts for rain across the U.S. Plains, a major grain-producing region.
Corn declined after hitting a 14-month peak in the previous session, while soybeans edged lower despite strong global demand and supply concerns.
The most active wheat futures on the Chicago Board Of Trade were down 0.7% at $6.11-1/2 a bushel, near the session trough of $6.10-1/4 a bushel - the lowest since Oct 15. Wheat closed down 0.7% on Tuesday.
“Weather forecasters are confident that the dry US winter wheat regions will receive enough rainfall for a meaningful lift in soil moisture,” said Tobin Gorey, director of agricultural strategy, Commonwealth Bank of Australia.
Conditions across the Black Sea region have also improved, Sovecon, a leading agriculture consultancy in Moscow, said in a note on Monday.
The most active corn futures were up 0.4% at $4.15 a bushel. Corn closed down 0.4% on Tuesday, when prices earlier hit a 14-month high of $4.22-1/4 a bushel.
The most active soybean futures were up 0.3% at $10.73-1/2 a bushel, having declined 1% in the previous session.
The market was waiting to see whether China would buy more U.S. corn and soy after a recent uptick in purchases.
Supply concerns also underpinned soybeans.
Brazilian soybean farmers have planted 23% of the estimated 2020/2021 crop through Thursday of last week, as rains permitted sowing to progress after a drought that delayed work earlier in the season, agribusiness consultancy AgRural said on Monday.
Reporting by Colin Packham; Editing by Aditya Soni
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