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GRAINS-U.S. corn eases on rain outlook; soy firm; wheat mixed

(Recasts, updates with U.S. trading, adds new analyst quote, changes byline, dateline; pvs LONDON)

CHICAGO, June 15 (Reuters) - U.S. corn futures dropped to their lowest in nearly two weeks on Thursday as the outlook for rain in the U.S. Midwest allayed concerns that high temperatures would hinder crop development, traders said.

"There is plenty of rain in the forecast," ED&F Man Capital said in a note to clients. "The Corn Belt in general should see one to two inches of rain in the next few days, with the six to 10-day forecast showing more of the same."

U.S. wheat futures were mixed, with Chicago Board of Trade soft red winter wheat contracts and MGEX spring wheat contracts rebounding from early weakness on a round of bargain buying. MGEX spring wheat remained in negative territory, pressured by profit-taking after hitting a 2-1/2 year high earlier this week.

Soybean futures were firm, supported by technical buying.

At 10:18 a.m. CDT (1518 GMT), Chicago Board of Trade July corn futures were down 3 cents at $3.74 a bushel. Prices bottomed out at $3.70, their lowest since June 2, earlier in the session.

CBOT July soft red winter wheat futures were up 2-3/4 cents at $4.45-3/4 a bushel. MGEX spring wheat for July delivery was down 4-1/4 cents at $6.23-1/4 a bushel. MGEX spring wheat has fallen 3.5 percent from the peak it hit on Wednesday.

Some rain in the U.S. Plains also added to the pressure on wheat, but more moisture is needed to improve crop conditions that have fallen sharply in the past few weeks.

"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.

CBOT July soybean futures were 3-1/2 cents higher at $9.35-1/4 a bushel. Soybeans recovered from early weakness after dipping below their 10-day moving average. (Additional reporting by Naveen Thukral in Singapore and Nigel Hunt in London; Editing by Greg Mahlich and Steve Orlofsky)