GRAINS-Corn drops for 3rd day on U.S. harvest progress, wheat eases

* Corn slides as U.S. farmers gather record crop * Chicago wheat falls on competition from cheaper rivals * China slaps anti-dumping duties on U.S. DDGs (Adds details, quotes) By Naveen Thukral SINGAPORE, Sept 23 (Reuters) - Chicago corn slid for a third consecutive session on Friday as U.S. farmers made progress in gathering an all-time high crop after rains disrupted harvest last week. Wheat slid for a second session with U.S. shipments facing competition from cheaper producers in the Black Sea region. Chicago Board of Trade most-active corn contract gave up 0.4 percent to $3.35-1/2 a bushel by 0251 GMT, while wheat slid 0.6 percent to $4.03-1/4 a bushel. Soybeans fell 0.5 percent to $9.72 a bushel. "More rain is a problem for corn but farmers are making progress with a window of dry weather they had," said Phin Ziebell, agribusiness economist at National Australia Bank. "Black Sea wheat is cheap, very hard for U.S. to compete at those levels, probably there is more downside to wheat." For the week, corn is down about half a percent, its second straight weekly loss, and soybeans are up 0.6 percent, recouping some of previous week's drop. Wheat is little changed. Commodity funds were net sellers of CBOT corn and wheat futures contracts on Thursday and net buyers of soybeans. U.S. farmers have made some progress across the Midwest in harvesting what is expected to be record large corn crop. Still, expectations for rains in the days ahead could slow harvest in key corn and soybean growing areas. The soybean harvest is less advanced than that of corn, making the oilseed more sensitive to heavy rains. In news which could have a bearish impact on corn prices, China on Friday slapped anti-dumping duties on U.S. distillers' dried grains (DDGs) shipped by some of the biggest suppliers of the animal feed ingredient, including Louis Dreyfus and Archer Daniels Midland. China is the world's top buyer of DDGS, a by-product of corn ethanol that is used by feed mills as a substitute for corn and soymeal. China imports almost all of its needs from the United States, the largest exporter. Egypt's General Authority for Supply Commodities bought 240,000 tonnes of Russian wheat on Thursday in a tender, its first successful purchase since abolishing a "zero ergot fungus" rule that had halted its previous three tenders. Export prospects for U.S. wheat remained dim with no U.S. supplies offered in the Egyptian tender. Grains prices at 0251 GMT Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 403.25 -2.25 -0.55% -1.10% 413.77 62 CBOT corn 335.50 -1.25 -0.37% -1.32% 333.65 59 CBOT soy 972.00 -4.50 -0.46% -0.36% 977.03 45 CBOT rice 9.66 -$0.01 -0.05% -0.21% $9.84 48 WTI crude 45.81 -$0.51 -1.10% +1.04% $45.75 58 Currencies Euro/dlr $1.120 -$0.001 -0.08% +0.12% USD/AUD 0.7634 -0.001 -0.10% +0.14% Most active contracts Wheat, corn and soy US cents/bushel Rice: USD per hundredweight RSI 14, exponential (Reporting by Naveen Thukral; Editing by Himani Sarkar)

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