GRAINS-Soybeans, corn, wheat dip as traders eye US crop estimate report

BEIJING, Sept 10 (Reuters) - Chicago soybeans slipped on Wednesday as traders squared positions ahead of a key U.S. supply and demand report.

Corn fell on favourable weather, and wheat weakened amid ample global supply.

FUNDAMENTALS

The most active soybean contract on the Chicago Board of Trade (CBOT) Sv1 lost 0.19% to $10.29-2/8 per bushel as of 0117 GMT.

Wheat Wv1 eased 0.1% to $5.19-6/8 a bushel, while corn Cv1 dropped 0.16% to $4.19-6/8 a bushel.

Traders are awaiting the U.S. Department of Agriculture's global supply and demand estimates on Friday, with the agency expected to trim U.S. soybean and corn yield forecasts.

In Brazil, soy exports are seen at 7.43 million tons in September, up from 6.75 million tons a week earlier, according to grain exporters' association Anec.

U.S. corn harvesting is set to accelerate this week amid forecasts for mostly clear weather around the U.S. Midwest.

In Russia, the world's biggest wheat supplier, export prices continued to decline last week as some farmers stepped up harvest sales.

The USDA is expected to report a slight decrease in U.S. wheat ending stocks in its monthly report on Friday, while world wheat stocks are forecast to rise, according to a Reuters analyst poll.

Commodity funds net sellers of CBOT corn, wheat, soybean futures, traders said. COMFUND/CBT

MARKET NEWS

MSCI's global equity index rose on Tuesday while the dollar firmed and Treasury yields climbed ahead of key inflation reports following a sharp downward revision in March U.S. employment levels.MKTS/GLOB

DATA/EVENTS (GMT)

0130 China PPI, CPI YY Aug

1230 US PPI Machine Manuf'ing Aug