November 7, 2018 / 3:03 AM / 13 days ago

GRAINS-Wheat falls from one-week high as risk-off sentiment prevails

* Wheat falls after jumping 1 pct on Tuesday

* Corn falls for second straight session

* Soybeans edge lower

By Colin Packham

SYDNEY, Nov 7 (Reuters) - U.S. wheat futures edged lower on Wednesday, retreating from a more than one-week high touched in the previous session, though fears about the condition of the North American crop provided a floor to losses.

Corn fell 0.5 percent to extend losses into a second straight session, while soybeans also edged lower.

The most active wheat futures were down 0.2 percent at $5.11-1/4 a bushel, having closed up 0.9 percent on Tuesday when prices hit a high of 5.14 a bushel - their highest since Oct 29.

Analysts said wheat was under pressure as traders shunned risk ahead of the results from the U.S. midterm elections, though losses were checked by bullish fundamentals.

“U.S. export inspection data published overnight were, if not stellar, at least holding up well during what is generally a seasonally weak period for U.S. exports,” said Tobin Gorey, director of agricultural strategy, Commonwealth Bank of Australia.

U.S. Department of Agriculture late on Monday rated 51 percent of the U.S. winter wheat crop in good-to-excellent condition, down from 53 percent the previous week. Analysts on average had expected a slight improvement.

The most active soybean futures on the Chicago Board Of Trade slipped 0.1 percent to $8.83-1/2 a bushel, having closed down 0.2 percent in the previous session.

The most active corn futures dropped 0.5 percent to $3.71-1/2 a bushel, having closed 0.2 percent weaker in the previous session.

The USDA will publish its November supply/demand reports on Thursday.

Analysts surveyed by Reuters on average expect USDA to lower its U.S. corn and soybean yield estimates. They also expect the government to trim its forecast of U.S. 2018/19 corn ending stocks, while raising its forecast of U.S. soy stocks. (Reporting by Colin Packham; Editing by Gopakumar Warrier)

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