SINGAPORE - Chicago soybean futures lost ground for a second day on Wednesday after hitting their lowest in almost a decade in the last session with prices pressured by escalating U.S.-China trade war. Corn slid for a sixth session, while wheat was unmoved after dropping to its lowest since late April on Tuesday.

FUNDAMENTALS

* Soybeans came under pressure after U.S. President Donald Trump threatened to impose a 10 percent tariff on another $200 billion of Chinese goods. China's commerce ministry described the threat as "blackmailing" and said Beijing would fight back.

* Trump's threat followed his administration's announcement of tariffs on $50 billion of Chinese goods last week, which triggered retaliatory tariffs by Beijing on a slate of U.S. products, including soybeans and corn.

* The United States exported $12.4 billion worth of soybeans to China last year, the single most valuable U.S. agricultural export product to its Asian rival.

* Benign weather across the U.S. Midwest added pressure on prices.

* The U.S. Department of Agriculture late on Monday rated 78 percent of the U.S. corn crop in good to-excellent condition, up 1 percentage point from a week earlier, topping trade expectations.

 * The USDA rated 73 percent of the soybean crop as good to excellent, down from 74 percent the previous week, but still unusually high.

 * CBOT wheat faced seasonal harvest pressure, with the USDA reporting the winter wheat harvest as 27 percent complete, ahead of the five-year average of 19 percent.

* Commodity funds were net sellers of Chicago Board of Trade corn, soybean, wheat, soyoil and soymeal contracts on Tuesday, traders said.

MARKET NEWS

* Stocks in Asia rebounded from recent losses on Wednesday as investors sought bargains, a day after the spectre of a U.S.-China trade war drove down bond yields, and share and commodity prices.

DATA/EVENT AHEAD (GMT)

0600  Germany             Producer prices                 May

1230  U.S.                Current account                     Q1

1330  Federal Reserve Chairman Jerome Powell participates in

panel discussion at the 2018 ECB Forum on Central Banking

1400  U.S.                Existing home sales               May

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

© Reuters News 2018