GRAINS-U.S. soybeans, corn hit 2-week low on improving Latam weather, wheat pauses

* Soybean, corn at lowest since mid-November * Wheat flat after hitting 2-month low the day before * Expectations of higher world supplies cap gains (Updates prices, changes dateline) By Naveen Thukral and Sybille de La Hamaide SINGAPORE/PARIS, Dec 2 (Reuters) - Chicago soybeans and corn were trading at their lowest in two weeks on Wednesday, weighed down by fund-driven liquidation and improving crop weather in Brazil and Argentina. Wheat was trading sideways after suffering losses in the previous two sessions that dragged the market to its lowest in two months on a lack of demand for U.S. cargoes and an improving global supply situation. "A third day of declines may be noted as traders adjust to a changed South American message. The planned end to the Argentine grain inspectors strike for this morning was not a market mover," brokerage Allendale said in a note. The most active soybean contract on the Chicago Board of Trade (CBOT) fell 1.5% by 1208 GMT to $11.44-1/2 a bushel, while corn gave up 1.2% to $4.15-3/4 a bushel. Earlier in the session both markets hit their lowest since Nov. 16. The wheat contract lost 0.04% to $5.77 a bushel after dropping in the previous session to its lowest since Oct. 5 at $5.74 a bushel. Brazilian soybean forecasters Datagro and StoneX on Tuesday raised their estimate for the country's 2020/21 soybean crop to 134.98 million tonnes and 133.9 million tonnes respectively. Allendale said the forecasts were above the range from the prior five estimates it had collected. A wage strike by grain inspectors and oilseed workers that had halted activity at some Argentine grains ports was scheduled to end early on Wednesday after what will have been 24 hours, a spokesman for one of the striking unions said on Tuesday. Wheat futures have faced pressure amid a lack of interest for U.S. supplies, with Black Sea continuing to win business. Egypt's main state grains buyer purchased 170,000 tonnes of Russian and Ukrainian wheat in an international purchase tender. No U.S. wheat was offered. The Australian Bureau of Agricultural and Resource Economics and Sciences raised its estimate of the country's 2020/21 wheat harvest to 31.17 million tonnes, from its September forecast of 28.91 million. Prices at 1208 GMT Last Change Pct End Ytd Move 2019 Pct Move CBOT wheat 577.00 -0.25 -0.04 558.75 3.27 CBOT corn 415.75 -5.00 -1.19 387.75 7.22 CBOT soy 1144.50 -17.50 -1.51 955.50 19.78 Paris wheat Dec 208.75 -0.75 -0.36 188.25 10.89 Paris maize Nov 189.00 -0.75 -0.40 174.75 8.15 Paris rape Nov 402.00 -2.25 -0.56 391.50 2.68 WTI crude oil 44.26 -0.29 -0.65 61.06 -27.51 Euro/dlr 1.20 0.00 -0.20 1.1210 7.46 Most active contracts - Wheat, corn and soy US cents/bushel, Paris futures in euros per tonne (Reporting by Naveen Thukral, Editing by Sherry Jacob-Phillips and Jan Harvey)

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