* Lack of demand, better supply outlook drive wheat down
* Brazil's unfavorable weather lifts CBOT soybeans
* Corn futures creep higher
CHICAGO, Oct 31 (Reuters) - Chicago wheat futures extended losses on Tuesday on a general lack of demand and as supply concerns eased in the southern hemisphere, while soybeans pushed higher on unfavorable weather in Brazil.
The most-active wheat contract on the Chicago Board of Trade (CBOT) was 9-1/4 cents lower at $5.56-3/4 a bushel by 11:55 a.m. CDT (1655 GMT). The contract hit its lowest price since Oct. 12 at $5.55-1/4.
"The market is still kind of complaining about the lack of demand," said Jack Scoville, market analyst at The Price Futures Group. "The market is aiming south, looking a little bit for demand." The wheat market has been dominated in recent months by large exports of cheap Russian grain pushing down prices and China snapping up imports of the cereal.
In Russia, where the harvest is nearly coming to an end, consultancy Sovecon estimated wheat exports will reach 4.4 million tons in October, down from 4.5 million tons a year ago.
Muted demand means the price of 12.5%-protein Russian wheat for FOB delivery late November-early December was unchanged at $224 a ton last week, the IKAR agriculture consultancy said.
China is set to import record volumes of wheat this year, trading sources say, with rain damage to its crop and worries over dry weather in exporting nations fuelling Beijing's appetite to buy while prices are low.
"Though China has been buying a lot of international wheat they have not been a particularly notable buyer from the U.S.," Scoville said. He noted that if prices drop to $5.50 a bushel, demand interest may start to develop.
Rain in Argentina has removed the threat of further yield loss there, helping send prices lower in recent days.
Hot and dry weather in northern Brazil and heavy rains to the south helped support soybean futures. CBOT soybeans were 7 cents higher at $13.14-1/4 a bushel, while corn rose 2-1/2 cents to $4.80-3/4 a bushel.
The USDA confirmed private sales of 239,492 metric tons of U.S. soybeans to Mexico.
(Reporting by Brendan O'Brien in Chicago. Additional reporting by Peter Hobson in Canberra and Sybille de La Hamaide in Paris; Editing by Rashmi Aich, Shweta Agarwal and Emelia Sithole-Matarise)
