GRAINS-Corn, soy fall further on favourable crop conditions
* New-crop U.S. corn, soy down for third straight day
* Dec. corn at near 1-week low, Nov. soy near 1-mth low
* Wheat eases after last week's short-covering rally
* Monday crop update eyed before Friday acreage, stocks data
(Updates with European trading) PARIS/SINGAPORE, June 24 (Reuters) - Chicago new-crop corn and soybeans slid for a third straight session on Monday, as favourable growing weather in the United States reinforced the prospect of bumper harvests this year. Fresh gains for the dollar, as investors continued to anticipate a scaling back of U.S. monetary stimulus, also contributed to the drop that saw corn touch its lowest in almost a week and soybeans its weakest in nearly a month. Wheat eased, pressured by the weakness in corn and soy and by general expectations of ample supply from northern hemisphere harvests now getting under way. "Planting (of corn and soybeans) is over and the crop condition is likely to improve as weather agencies are forecasting crop-friendly weather over the next few weeks," said Joyce Liu, investment analyst at Phillip Futures in Singapore. Rain delays to planting raised crop concerns during spring but plants are now expected to benefit from good soil moisture, even if the market remains wary of weather risks after last year's severe drought that slashed harvests. Operators will be looking at a weekly crop progress report from the U.S. Department of Agriculture issued after the market close in Chicago on Monday for further clues about crop condition. Grain markets are also building up towards acreage and stocks reports to be issued by the USDA on Friday, which will show the extent to which rain delays affected final corn and soybean planting.
HARVEST PRESSURE HITS WHEAT Chicago Board of Trade new-crop December corn fell as low as $5.44-1/4 a bushel by 0334 GMT, the lowest since June 18. By 1146 GMT, it was down 2 percent at $5.45. November soybeans was down 1.1 percent at $12.59-3/4, after earlier dropping to $12.56 a bushel, the contract's lowest since May 28. Spot-month corn and soybeans continued to hold up better due to tight old-crop supplies as investors awaited Friday's quarterly USDA stocks data. Volatile market swings have followed many of the previous quarterly grain stocks reports, especially in corn. In wheat markets, July wheat eased 0.9 percent to $6.91-1/2 a bushel after climbing to its highest since June 5 last week in a short-covering rally. Wheat has been pressured by poor demand for U.S. shipments following the discovery of an unapproved genetically modified wheat in the United States, but expectations of higher demand from China as it replenishes reserves has lent some support. In Paris, November milling wheat was down 0.8 percent at 199.00 euros a tonne as a further fall in the euro against the dollar failed to offset expectations of large northern hemisphere crops. "Harvest pressure, with first cuttings taking place in Europe, coupled with upward revisions to production forecasts compared to recent months should keep weighing on prices," French consultancy Agritel said in a note. Russia, a major exporter, forecast a larger surplus of wheat for exports in 2013/14 and a larger grains harvest this year.
* Prices as of 1144 GMT
Product Last Change Pct Move End 2012 Ytd Pct CBOT wheat 691.50 -6.50 -0.93 778.00 -11.12 CBOT corn 654.50 -7.25 -1.10 698.25 -6.27 CBOT soy 1488.25 -5.00 -0.33 1418.75 4.90 Paris wheat 199.00 -1.50 -0.75 250.25 -20.48 Paris maize 224.25 -0.25 -0.11 237.75 -5.68 Paris rape 406.00 -4.75 -1.16 456.25 -11.01 WTI crude oil 93.35 -0.34 -0.36 91.82 1.67 Euro/dlr 1.31 -0.14
* CBOT futures prices are in cents per bushel, Paris futures in euros per tonne, WTI crude oil in dollars per barrel.
(Editing by James Jukwey)