SINGAPORE ) - Chicago corn futures slid for a second session on Wednesday as U.S. farmers race to finish planting, which has been delayed by excessive rains and flooding across the U.S. Midwest.

Soybean fell for the first time in eight sessions after climbing to a three-month high in the previous session, though losses were checked amid planting delays and on hopes that Washington and Beijing would restart trade talks after a recent lull.

The most-active corn contract on the Chicago Board Of Trade was down 0.1% at $4.49-1/2 a bushel, as of 0248 GMT, having closed 1.1% lower in the previous session.

Soybeans lost 0.4% to $9.10 a bushel, having climbed to their highest since March 4 at $9.21-1/2 bushel on Tuesday, and wheat gave up 0.5% to $5.28-3/4 a bushel, having closed down 1.5% on Tuesday.

"U.S. corn was overvalued as compared with the international market to the point that it was almost possible for the United States to import South American corn," said Ole Houe, director of advisory services at brokerage IKON Commodities.

The U.S. Department of Agriculture (USDA) said the 2019 U.S. crop was 92% planted, matching trade expectations. The USDA rated 59% of the crop in good-to-excellent condition, unchanged from the week before.

In the previous session, soybeans had been supported by ongoing U.S. planting delays and renewed optimism about U.S.-China trade talks.

U.S. soybean planting was 77% finished by Sunday, lagging the average trade estimate of 79% and the five-year average of 93%, the USDA said.

In the wheat market, focus is on wheat tender issued by the world's top importer Egypt. The country's General Authority for Supply Commodities set a tender on Tuesday to buy an unspecified amount of wheat from global suppliers for shipment from July 22-31.

Commodity funds were net sellers of CBOT corn, wheat and soymeal futures contracts on Tuesday and net buyers of soybeans and soyoil. Trader estimates of net fund selling in corn ranged widely from 5,000 to 30,000 contracts.    

(Reporting by Naveen Thukral, Editing by Sherry Jacob-Phillips)

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