GRAINS-Wheat eases after 2-session rally, corn down 1.3 pct

* Wheat down on easing weather worries, corn falls 1.3 pct

* Chicago soybeans rise for third session on strong demand

(Adds comment, detail) SINGAPORE, June 19 (Reuters) - Chicago wheat futures slid on Monday as the market took a breather after rallying around 5 percent in the last two sessions on the back of dry weather hitting U.S. yields. Corn gave up 1.3 percent on easing concerns over dryness in the U.S. Midwest, while soybean prices gained for a third straight session on strong demand. Chicago wheat climbed to its highest in almost a year at $4.68-1/2 a bushel on Friday as dry weather threatened to reduce U.S. spring wheat crop production. Reports of disappointing yields in early harvesting of hard red winter wheat provided additional support. "There have been weather concerns for corn as well as spring wheat in the U.S.," said Phin Ziebell, an agribusiness economist at National Australia Bank. "The corn market is giving up gains as there is pressure on crude oil prices and the weather is looking better." Corn prices often track movements in the crude oil market with rising use of crops to make alternative fuels. Oil prices fell early on Monday, weighed down by high supplies despite an OPEC-led initiative to cut production to tighten the market. Forecaster Commodity Weather Group said that the rain outlook was still very limited in the western Dakotas and Montana during the next two weeks, which will hinder development of spring wheat in those areas. Concerns about crops in the Black Sea region buoyed wheat prices. Wheat exports from Russia, Ukraine and Kazakhstan were expected to fall 3.3 percent to 50.4 million tonnes in the upcoming season, which starts on July 1, according to a Reuters poll. Production was also seen falling. The monthly U.S. National Oilseed Processors Association report released on Thursday, which showed crushings well above analyst forecasts, was still adding strength to the soybean market. Large speculators trimmed their net short position in Chicago Board of Trade corn futures in the week to June 13, regulatory data released on Friday showed. The Commodity Futures Trading Commission's weekly commitments of traders report also showed that noncommercial traders, a category that includes hedge funds, trimmed their net short position in CBOT wheat and cut their net short position in soybeans.

Grains prices at 0251 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 462.25 -3.00 -0.64% +1.87% 436.25 71 CBOT corn 379.00 -5.00 -1.30% -0.13% 373.99 53 CBOT soy 942.25 3.25 +0.35% +0.80% 943.39 63 CBOT rice 11.42 $0.02 +0.18% -0.48% $10.94 65 WTI crude 44.58 -$0.16 -0.36% +0.27% $47.72 32


Euro/dlr $1.120 $0.000 -0.01% +0.48% USD/AUD 0.7619 0.000 +0.04% +0.57%

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

(Reporting by Naveen Thukral; Editing by Joseph Radford)