Corn and soybeans at fresh lows as US harvest and exports weigh

PARIS/BEIJING, Nov 4 (Reuters) - Chicago corn eased to another four-month low on Wednesday and soybean futures slipped to a fresh 11-week low, pressured by expectations for large US crops and uncertainty over export demand, analysts said.

Wheat was little changed after touching a four-month low, supported by a fall in the dollar after a sweeping victory for Democrats in the US midterm elections. FRX/

Diplomatic efforts to end the Ukraine and Iran wars also weighed on grain markets, raising expectations that disruption to Black Sea and Gulf commodity flows could ease.

The most-traded soybean contract on the Chicago Board of Trade (CBOT) fell 0.89% to $12.03-1/4 a bushel by 1128 GMT after earlier reaching its lowest since August 17 at $11.98-3/4.

CBOT corn was down 0.51% at $4.40-1/4 a bushel, after falling to its lowest since July 1 at $4.38-1/2.

The US Department of Agriculture said on Monday the US soybean harvest was 88% complete and corn harvesting 74% complete. The USDA expects the largest-ever soybean crop and the second-largest corn crop on record.

Adding to favourable supply prospects, commodity brokerage StoneX on Tuesday raised its estimates for this year's US corn and soybean crops.

"This morning bearish momentum continues after another increase in private US crop estimates," CM Navigator analysts said in a note.

On the demand side, traders have been disappointed with Chinese demand, despite a run of soybean export sales.

Chinese buying of US farm goods other than soybeans is on track for a seven-year low this year despite an agreement to purchase billions of dollars in imports, a Reuters analysis of customs data showed.

In Brazil, meanwhile, a lower currency could reinforce export competition for US soybeans.

"The recent depreciation of Brazil's real and high US freight rates have strengthened the competitiveness of Brazilian soybeans," said Johnny Xiang, founder of Beijing-based AgRadar Consulting.

CBOT wheat was down 0.04% at $5.99-1/2 a bushel, after hitting a four-month low at $5.91, as traders remained focused on upcoming peace talks between Russia and Ukraine.

Kyiv and Moscow both confirmed on Tuesday they will take part in three-way peace talks with the United States in Abu Dhabi on November 10-11.