GRAINS-U.S. corn eases after rain-driven rally, crop update awaited
* Corn falls 1 pct, soy dips from 4-month top
* After rally on rain, market weekly crop progress data
* U.S. wheat at lowest since May 30, white wheat weighs
* Grain markets also eyeing June 12 USDA monthly forecasts
(Updates with European trading, changes byline/dateline) PARIS/SINGAPORE, June 10 (Reuters) - Chicago new-crop corn fell more than 1 percent on Monday, while soybeans dipped from a four-month high, as the market awaited a weekly U.S. crop report to gauge the impact of rain last week on late-running spring planting. Wheat fell to its lowest since May 30, dropping for a fourth session as harvesting progressed in the United States and buyers continued to shun wheat from the Pacific Northwest after an unauthorised strain of genetically engineered wheat was found. A rise in the dollar also curbed prices by making commodities denominated in the U.S. currency more expensive for overseas buyers. Corn and soybeans rallied at the end of last week as rain in the U.S. Midwest raised the risk of fresh delays to field work after wet, cool weather already hampered this year's sowing. The grain belt could see more showers this week but operators were reluctant to price additional weather risks ahead of the U.S. Department of Agriculture's crop progress update later on Monday, especially with corn planting nearly done. "Corn is in a much better situation than soybeans as farmers had a window of opportunity early last week," said Joyce Liu, an investment analyst at Phillip Futures in Singapore. "Wet weather is ultimately good for (crop) emergence." Soybeans were 57 percent planted as of June 1, behind the five-year average of 74 percent, while corn was 91 percent planted, behind the five-year average of 95 percent. At the time, planting progress was the slowest for both crops since 1996. The market is expecting the USDA to show between 92 and 95 percent of U.S. corn was planted at the end of last week. Soybean seeding is estimated around 70 to 73 percent. Chicago Board of Trade new-crop December corn fell 1.3 percent to $5.51 a bushel by 1131 GMT, after climbing around 3 percent in the last two sessions. New-crop November soy gave up 0.7 percent to $13.21-1/4 a bushel after climbing to its highest since Feb. 7 on Friday. July wheat lost 0.7 percent to $6.91-3/4 a bushel, just above a session low of $6.91-1/4, a level last seen on May 30.
MORE RAIN FORECAST FOR U.S. MIDWEST Investors are also awaiting USDA's monthly supply and demand report due on June 12. The government is expected to trim its outlook for corn supplies at the end of the next crop's marketing year on Aug. 31, 2104. The market will also be watching for the USDA's winter wheat production estimate with harvesting under way in the United States. In addition to harvest pressure, U.S. wheat prices remained under pressure from slack demand for U.S. white wheat following the discovery of the genetically modified wheat strain in Oregon. Japan, the United States' top white wheat customer, declined for a second straight week to bid at its weekly tender. South Korea has formally suspended U.S. wheat purchases, while the European Union said it would step up testing. U.S. wheat will be in contention in a tender issued by Iraq on Sunday and which closes later this month. Large speculators cut their net long position in CBOT corn in the week to June. 4, while noncommercial traders trimmed their net short position in CBOT wheat and raised their net long position in soybeans, regulatory data showed.
* Prices as of 1131 GMT
Product Last Change Pct Move End 2012 Ytd Pct CBOT wheat 691.75 -4.50 -0.65 778.00 -11.09 CBOT corn 660.75 -5.50 -0.83 698.25 -5.37 CBOT soy 1514.50 -13.75 -0.90 1418.75 6.75 Paris wheat 202.50 -1.25 -0.61 250.25 -19.08 Paris maize 218.50 -0.75 -0.34 237.75 -8.10 Paris rape 422.75 -3.50 -0.82 456.25 -7.34 WTI crude oil 95.56 -0.47 -0.49 91.82 4.07 Euro/dlr 1.32 -0.10
* CBOT futures prices are in cents per bushel, Paris futures in euros per tonne, WTI crude oil in dollars per barrel.
(Editing by Anthony Barker)