Soybeans ease, corn stays weak on US rain relief

PARIS/SINGAPORE: Chicago soybean futures edged down on Thursday as rain and cooler temperatures forecast in dry US growing belts helped curb a rally sparked by a lower than expected soybean crop rating.

Corn fell again as expected rain was seen as particularly beneficial as the cereal enters pollination.

Wheat edged down as traders assessed chances for moisture in drought-hit US and Canadian spring wheat zones.

The most-active soybean contract on the Chicago Board of Trade (CBOT) ended the overnight session down 1.1% at $13.13-1/4 a bushel.

Soybeans slip from 1-week high, US heat stems losses

CBOT corn fell 1.1% to $5.25 a bushel and wheat inched down 0.1% to $6.21-1/2 a bushel.

The US Department of Agriculture, in a weekly report, surprised the market by lowering its good-to-excellent rating for the nation's soybean crop to 59% from 60%.

Following some rain relief in the coming week, forecasts showed more showers in the second half of July in much of the Midwest.

"Midwest rains keep corn/soy stress limited to far northwest," the Commodity Weather Group said in a note, referring to the 16 to 30-day outlook.

A lull in Chinese demand was also curbing US prices.

In China, farmers have sharply increased corn planting in a trend that is likely to cool the country's recent rampant appetite for imports.