SINGAPORE: Chicago soybeans lost more ground on Wednesday, falling to their lowest in four years as expectations of a record U.S. harvest and lacklustre demand from top importer China pressured prices.

Wheat slid amid plentiful Black Sea supplies, while corn fell for a second session.

"There is too much supply and buyers are not active," said one grains trader in Singapore. "U.S. weather has been pretty favourable for crops."

The most-active soybean contract on the Chicago Board of Trade (CBOT) gave up 0.2% to $9.61-1/4 a bushel, having dropped earlier in the session to its lowest since September 2020 at $9.55-1/4.

Wheat slid 0.5% to $5.26 a bushel and corn fell 0.3% to $3.96-1/4 a bushel.

The U.S. Department of Agriculture (USDA) raised its estimates for corn and soybean production in its monthly supply-demand report. It put its soybean crop projection at a record level.

The estimates of higher U.S. output come at a time when China is reducing purchases amid a glut of supplies from Latin America.

China's most-active soymeal contract fell more than 2% to its lowest in more than one year and soybeans hit a one-month low, with high soymeal inventory and a forecast of record U.S. soybean production adding to expectations of abundant supplies.

In the wheat market, bearishness stemmed from large Black Sea supplies.

Egypt's state grains buyer said it bought 280,000 metric tons of wheat in a tender on Monday, falling well short of its target of 3.8 million tons.

Separately, the country's state commodities buyer GASC is in talks to buy 30 cargoes, or up to 1.8 million metric tons, of wheat from sellers including Russia, traders in Europe and the Middle East said.

The USDA's August forecast for Ukraine's corn production exceeds domestic estimates as it does not fully take into account the impact of a damaging heatwave, Ukrainian officials, analysts and traders said.

The USDA report shows Ukraine is expected to harvest 27.2 million metric tons of corn, while domestic analysts and brokers anticipate 24 to 25 million tons.

Commodity funds were net sellers of CBOT soybean, soymeal, soyoil, corn and wheat futures contracts on Tuesday, according to traders. (Reporting by Naveen Thukral; Editing by Subhranshu Sahu)