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GRAINS-Soybeans dip for 2nd day as rains seen improving U.S. crops

* Soybeans lose more ground, corn ticks up after declining

* Wheat firms after Wednesday's decline

* Much needed rains for spring wheat in U.S., Canada

(Adds details, quotes) SINGAPORE, June 15 (Reuters) - Chicago soybean futures slid for a second day on Thursday, while corn edged up after easing in the last session as ample supplies from South America and forecasts of rains in the U.S. grain belt weighed on prices. Wheat edged higher, recouping some of previous session's losses, but the market remained under pressure from rains easing drought concerns for the U.S. spring wheat crop. The Chicago Board Of Trade most-active soybean contract gave up 0.2 percent to $9.30-1/4 a bushel by 0225 GMT, having closed down 0.1 percent on Wednesday. Wheat rose 0.2 percent to $4.43-3/4 a bushel, having closed down 0.4 percent on Wednesday and corn added 0.1 percent to $3.77-1/2 a bushel, having closed down 1 percent in the previous session. "There were concerns about dryness for spring wheat crop but rains are helping ease some of those issues," said Phin Ziebell, an agribusiness economist at National Australia Bank. "Oil prices have tanked and that is going to keep pressure on corn as there will be less incentive to use it to make ethanol." Corn often tracks moves in the crude oil market, with increasing use of crops in making alternative fuels. Wheat edged down on Wednesday after showers fell through spring wheat growing areas in the northern U.S. Plains and the Canadian prairies, benefiting fields where drought conditions had been expanding. But further rains are needed amid a sustained fall in the condition of the spring wheat crop. The U.S. Department of Agriculture assessed the spring wheat crop at 45 percent good-to-excellent as of June 4, down 10 percentage points from a week earlier. Analysts had been expecting a good-to-excellent rating of 53 percent. Plentiful supplies from South America continue to cap prices. Brazil's agricultural statistics and supply agency Conab last week raised for the sixth time this year its estimate for the country's 2016/17 soybean crop, now seen at 113.92 million tonnes, up from 113 million tonnes in May's forecast. The agency said total corn output in the season should reach 93.83 million tonnes, above the previous 92.83 million tonnes estimate due to near-perfect weather. Commodity funds were net sellers of CBOT corn, wheat and soybean futures contracts on Wednesday, traders said.

Grains prices at 0225 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 443.75 0.75 +0.17% -0.28% 434.33 57 CBOT corn 377.50 0.50 +0.13% -0.92% 373.07 50 CBOT soy 930.25 -1.50 -0.16% -0.24% 945.44 46 CBOT rice 11.06 $0.03 +0.23% -1.78% $10.83 51 WTI crude 44.68 -$0.05 -0.11% -3.83% $47.81 29

Currencies

Euro/dlr $1.122 $0.001 +0.04% +0.07% USD/AUD 0.7617 0.003 +0.42% +1.09%

Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential

(Reporting by Naveen Thukral; Editing by Biju Dwarakanath)