GRAINS-Corn, wheat tumble; soybeans scramble to flat finish

* Soybeans unchanged after three straight gains
    * U.S. corn harvest 95 percent complete
    * USDA reports fresh soybean sale, China cancellation

 (Adds closing U.S. prices)
    By Rod Nickel
    WINNIPEG, Manitoba, Nov 26 (Reuters) - Corn and wheat prices
fell on Tuesday, as the huge U.S. corn harvest wrapped up and
investors banked profits from a wheat rally, while soybeans
clawed back earlier losses. 
    Corn lost 1.5 percent as the previous day's short-covering
by funds dried up, leaving few supportive factors to offset big
global supplies of the golden grain, said Bill Gary, president
of Commodity Information Systems in Oklahoma City. "The world is just overrun with corn this year," he said. The U.S. corn harvest was 95 percent complete by Sunday, the U.S. Department of Agriculture said after markets closed on Monday, ahead of the five-year average of 91 percent for this point in the year and in line with trade expectations. U.S. corn production will set a record high of 13.989 billion bushels this year, exceeding last year's drought-shortened harvest by 30 percent, the USDA said on Nov. 8. CBOT December corn futures shed 1.5 percent, or 6-1/4 cents, at $4.18-1/2 a bushel. Chicago Board Of Trade January soybeans recovered from earlier losses to finish flat at $13.29-1/4 a bushel, within sight of Monday's two-month high of $13.34-1/2. Soybeans were dragged upward as December soymeal soared to a contract high, reflecting tight cash supplies. The nearby soybean contract had finished higher three straight sessions until ending unchanged. Back soybean months finished lower. Strong export demand has propelled soybeans recently, but investors took a mixed message from Tuesday's USDA sales reports. The USDA reported the sale of 360,000 tonnes of U.S. soybeans to unknown destinations for delivery during the 2013/14
marketing year. It also reported the cancellation of 300,000 tonnes of U.S. soybeans previously sold to China for 2013/14. The cancellation may have whipped up doubts about the strength of Chinese demand, just as South American farmers plant their own soybean crops that will compete with U.S. supplies, Gary said. "We believe that China has really overbought these beans," he said. China is the world's top soybean importer. The U.S. Department of Agriculture said on Monday that exporters had sold 120,000 tonnes of U.S. soybeans to unknown destinations for 2014/15 delivery. That was on top of sales confirmed by the USDA on Friday of 115,000 tonnes of U.S. soybeans to China. CBOT December wheat lost 0.9 percent, or 6 cents, at $6.46-1/2 a bushel, snapping a three-day winning streak. The front month rose to a two-week high of $6.55 on Monday, helped by worries about harvests in Argentina and Australia that could bolster demand for U.S. wheat. The USDA, in its weekly crop report on Monday, said 62 percent of the wheat crop was in good to excellent condition, down from 63 percent a week ago and in line with expectations. Prices at 1:40 p.m. CST (1940 GMT) LAST NET PCT YTD CHG CHG CHG CBOT corn 418.50 -6.25 -1.5% -40.1%
CBOT soy 1329.25 0.00 0.0% -6.3% CBOT meal 450.20 13.00 3.0% 7.0% CBOT soyoil 40.35 -0.31 -0.8% -17.9% CBOT wheat 646.50 -6.00 -0.9% -16.9% CBOT rice 1574.00 -6.50 -0.4% 5.9% EU wheat 205.75 -1.50 -0.7% -17.8% US crude 93.73 -0.36 -0.4% 2.1% Dow Jones 16,118 46 0.3% 23.0% Gold 1241.29 -10.92 -0.9% -25.9% Euro/dollar 1.3571 0.0056 0.4% 2.9% Dollar Index 80.6270 -0.2930 -0.4% 1.1% Baltic Freight 1512 20 1.3% 116.3% (Additional reporting by Mark Weinraub in Chicago, Nigel Hunt in London and Naveen Thukral in Singapore; Editing by Jane Baird, John Wallace and James Dalgleish)

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