GRAINS-CBOT corn extends decline as crop outlook improves
* Soybeans edge up but still on track for weekly loss
* Weather in U.S. Midwest favourable for crop development
* Goldman cuts corn, soybean price forecasts
(Adds quotes, updates prices, previous Singapore)
LONDON, June 14 (Reuters) - Chicago corn futures fell for a third straight session on Friday as forecasts of near-perfect growing weather across the United States boosted supply prospects.
Wheat futures were also lower while soybeans edged higher but remained on track for a weekly loss.
Frequent rainfall and warmer weather should boost growth of corn and soybeans planted in recent weeks, agricultural meteorologists said.
Chicago Board of Trade new-crop December corn was off 0.2 percent at $5.34 a bushel by 1130 GMT. The contract is on track for a weekly loss of 4.4 percent.
"Things are looking good for corn now as the planting is almost complete and weather forecasts look favourable for boosting yields," said Joyce Liu, an investment analyst at Phillip Futures in Singapore.
Rains this week in the northern U.S. Midwest slowed the final phases of corn and soybean plantings but also provided valuable soil moisture, Commodity Weather Group meteorologist Joel Widenor said.
The corn market is also continuing to face pressure from estimates of record U.S. production. The U.S. Department of Agriculture Department in its monthly demand and supply report on Wednesday estimated the corn crop at 14.005 billion bushels, a billion bushels larger than the record set in 2009.
Bumper crops would be a dramatic rebound from three years in a row of falling corn and soybean production, tightening stocks and sky-high prices. Corn stocks are headed to reach the lowest level in 17 years in 2012/13, with supplies set to be razor-thin until harvesting starts in the autumn.
CBOT November soy rose 0.4 percent to $13.05-1/2 a bushel. The contract is still on course for a weekly loss of 1.9 percent.
Goldman Sachs, in a report issued late Thursday, lowered its three-, six- and 12-month forecasts for corn and soybean prices for 2013 on an expected recovery in production and inventory.
"We currently view the downside potential to agriculture prices as the largest opportunity across the commodity markets we cover," the investment bank said.
CBOT July wheat fell 0.6 percent to $6.81-1/2 a bushel while November wheat futures in Paris were 0.1 percent lower at 197.50 euros a tonne.
"The more optimistic outlook for U.S. spring sowing with the arrival of drier weather, the bearish USDA report and the strength in the euro have all contributed to the losses on the European market," French consultancy Offre & Demande Agricole said in a note.
(Additional reporting by Naveen Thukral in Singapore and David Brough in London; Editing by Anthony Barker)