(Recasts; updates prices, adds analyst comments; changes byline, dateline, previously PARIS/SINGAPORE)
CHICAGO, June 22 (Reuters) - U.S. soybean futures touched a 17-month low and corn fell to a roughly two-month low on Thursday, pressured by forecasts for cooler weather conditions that could reduce stress on developing crops, traders and analysts said.
Chicago Board of Trade wheat futures declined for the second straight session even as MGEX spring wheat notched gains of about 1 percent.
"We're looking at better weather in the Midwest - that's been the big driver," said Price Futures Group broker Jack Scoville. "There's still a lack of rain, but the cooler temperatures are knocking the stuffing out of this thing."
"There's talk of money flowing out of commodities and into equities. That's adding to the bearish tone," he said.
CBOT July soybean futures eased 12 cents to $9.06-1/2 per bushel, the lowest since March 2016. The November soybean contract, which reflects the autumn U.S. harvest, eased 14 cents to $9.13-3/4 per bushel.
CBOT July corn was down 5-1/4 cents at $3.63-1/2 per bushel and CBOT July wheat was off 3-1/4 cents to $4.61-1/4 at 12:45 p.m. CDT (1745 GMT).
Wheat prices eased from multimonth highs reached earlier this week. The gains were prompted in part by worries of low protein content in winter wheat harvest as farmers in the top growing state of Kansas continued to gather their crops.
"The market has already cut forecasts of high protein spring wheat from Canada and the United States," said Tobin Gorey, director of agricultural strategy at Commonwealth Bank of Australia in Sydney.
"The U.S. corn crop faces few major weather issues for now. Producers and traders are thus more likely to sell more as they position themselves for a sizeable crop," Gorey added.
Rainfall was forecast in the coming days in the northern U.S. Plains, while in France the extent of damage was unclear and extreme heat was set to ease from Friday. (Additional reporting by Naveen Thukral in Singapore and Gus Trompiz in Paris; Editing by Phil Berlowitz)