Corn, soy slip further on improved supply outlook, stronger US dollar
Adds analyst comment, updates prices
CANBERRA, Oct 15 (Reuters) -Chicago corn and soybean futures fell for a fourth straight session on Tuesday as massive U.S. harvests continued to pour supplies on to the market and forecasts of rain in Brazil improved production prospects there.
Wheat futures also slipped after the U.S. Department of Agriculture (USDA) raised its outlook for global wheat stocks on Friday, but found some support from concerns over production and shipments from the Black Sea and elsewhere.
Pressuring all three was a sharp rise in the U.S. dollar this month that has made U.S. crops costlier for overseas buyers with other currencies. FRX/ USD=
The most-active corn contract on the Chicago Board of Trade (CBOT) Cv1 was down 0.6% at $4.06 a bushel at 0518 GMT, with CBOT soybeans Sv1 falling 1% to $9.86 a bushel and wheat Wv1 slipping 1.1% to $5.78-3/4 a bushel.
Corn and soybeans have fallen roughly 7% from highs around the start of the month and are pushing towards four-year lows. Wheat has held up better and is little changed this month.
The USDA, in a monthly report on Friday, raised its estimate of U.S. corn production and trimmed its forecast of U.S. soybean output. The country is set for its second-biggest corn harvest and its biggest soybean crop.
Meanwhile, forecast rain in Brazil is set to break a dry period that hampered planting, with only 8.2% of the total expected soybean area sown by last Thursday compared to 17% at the same time last season, consultancy AgRural said.
The United States is the world's largest corn exporter and the No. 2 soybean supplier. Brazil is the biggest soybean producer and a major shipper of corn.
The USDA report, ongoing U.S. harvest and South American weather forecasts triggered a wave of short selling by speculators that pressured prices, StoneX analyst Bevan Everett said.
"The market's really been focused on South America," said Dennis Voznesenski, an analyst at Commonwealth Bank in Sydney. "Any change in the weather forecast to more favourable conditions is causing prices to move lower."
In wheat, traders are concerned about Russia, the biggest shipper, where export prices rose last week in anticipation of lower supply.
The Black Sea region and major exporters Argentina and Australia have suffered from dry weather in recent months that depressed yields, though Argentina received some rain at the weekend.
The Russian government has also set a minimum price and a higher export duty to limit shipments, but traders say these measures don't appear to be as restrictive as some had feared.
Reporting by Peter Hobson; Editing by Sumana Nandy and Mrigank Dhaniwala
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