Chicago wheat futures eased for a second straight session on Friday, as a weak export outlook marked by confusion over Egypt's import policy reinforced the prospect of large global inventories this season.

U.S. corn and soybeans also edged lower for a second day as favorable crop weather in South America kept a lid on the market.

Losses were modest, however, as grain futures were trading near support levels on price charts, and investors were awaiting direction from weekly U.S. export sales data at 1330 GMT.

The Chicago Board of Trade's most-active wheat contract was down 0.4 percent at $4.60-1/2 by 1212 GMT. "Supply is the story in the wheat market," said Phin Ziebell, agribusiness economist at the National Australia Bank.

"The USDA had boosted estimates for reserves earlier this month and the reality is that European stocks are very high."

Farm agency FranceAgriMer on Thursday raised its forecast for French soft wheat ending stocks for 2015/16 to 6.0 million tonnes, the most in 17 years, as it cut its export outlook.

"We're still in a market that is psychologically focused on the current season," Sebastien Poncelet of consultancy Agritel said. "Crop risks for the next harvest, like in India or Ukraine, are not really making headlines right now."

The bearish short-term supply outlook has been underscored by lagging U.S. and European exports, partly reflecting stalled with Egypt, the world's biggest wheat importer.

Egypt's state buyer GASC held a tender on Friday in a latest attempt to renew purchases after a standoff with suppliers over permitted levels of the grain fungus ergot.

The most active CBOT corn contract inched down 0.1 percent to $3.65-1/4 a bushel while soybeans also eased 0.1 percent, to $8.78-1/2 a bushel.

Mostly good weather in South America, including beneficial rainfall in Argentina, has bolstered prospects for big corn and soybean crops, analysts say. In other bearish data, U.S. ethanol producers boosted inventories in the latest week to a record 23.22 million barrels, reflecting increased run rates, Energy Information Administration data showed.

Corn is the primary feedstock for ethanol in the United States.

Commodity funds sold an estimated net 6,000 Chicago Board of Trade corn contracts on Thursday, trade sources said.

The funds also sold a net 5,000 wheat contracts and 3,000 in soybeans, they said.