GRAINS-Wheat loses ground as ample global supply takes focus

By Heather Schlitz

CHICAGO, Dec 23 (Reuters) - Chicago Board of Trade wheat futures inched down on Tuesday as a massive global supply of wheat stole focus following a three-day rally fuelled by concerns that escalation in the war in Ukraine could disrupt Black Sea exports.

Soybeans and corn held steady and were supported by brisk export sales and a boost from an end-of-year rally, which is typical as traders exit out of positions ahead of the Christmas and New Year's holidays.

The most-active wheat contract on the Chicago Board of Trade Wv1 was last down 3/4 cent at $5.14-3/4 per bushel as of 10:50 a.m. CST (1650 GMT).

Russian forces hit port and energy infrastructure in Ukraine's Odesa region, sparking a fire that burned 30 containers of flour and vegetable oil at the port of Pivdennyi, a senior Ukrainian official said on Monday.

However, dropping Russian wheat prices and an ample supply of Argentinian wheat outweighed support from the ongoing Black Sea war.

"Even though there are problems, Russian wheat prices are dropping," said Dan Basse, president of AgResource. "It's a world awash in wheat."

CBOT soybeans Sv1 ticked up 1/4 cent to $10.65-1/4 a bushel, while corn Cv1 added 1/4 cent to $4.47-1/4 a bushel.

Soybeans had slid last week as traders remained cautious about the pace of Chinese purchases of U.S. beans under a bilateral trade truce, while forecasters continued to project another record harvest in Brazil this season. Favorable weather in South America is also expected to benefit the region's bumper soy crop.

An overall bearish picture for grains has weighed on prices and diminished the effects of a typical end-of-year rally, also known as the "Santa Claus" rally.

"Santa may have come early, but the world has too much grain and Santa's pouch is full," said Basse.