* Warm, wet weather seen bolstering U.S. soy, corn crops
* Weaker Brazilian currency could spur farmer soy sales
* U.S.-China trade tensions hang over market
* Wheat futures climb on global weather risks
(Recasts; updates prices, adds quotes, changes byline, dateline, previous PARIS/SINGAPORE) CHICAGO, June 7 (Reuters) - U.S. soybean futures fell about 2 percent on Thursday, with the new-crop November contract dropping below $10 a bushel for the first time in two months, on favorable crop weather and fund-driven long liquidation, analysts said. Corn futures followed soybeans lower while wheat rose, supported by poor weather in several global production areas that threatens to tighten world stockpiles. As of 12:50 p.m. CDT (1750 GMT), Chicago Board of Trade July soybeans were down 20 cents at $9.74-1/4 per bushel and new-crop November, representing the newly planted U.S. crop, was down 19 cents at $9.94-1/2 a bushel. CBOT July corn was down 2-1/2 cents at $3.75-3/4 a bushel while July wheat was up 5-1/4 cents at $5.25 a bushel. Soybeans and corn sagged as forecasts for beneficial rains in the U.S. Midwest through early next week bolstered production prospects. Crops are already off to a good start, with the U.S. Department of Agriculture this week rating 75 percent of the U.S. soybean crop and 78 percent of the corn in good to excellent condition. "Everyone is going to catch some rain here. It certainly takes some drought risk off the table as you get into July and August," said Joe Vaclavik, president of Standard Grain, a brokerage. "You've also got a big fund long in the market that appears to be liquidating," Vaclavik added. Soybeans faced additional pressure from weakness in the Brazilian real, which may encourage Brazilian farmers to sell more of their record-large 2018-2019 soybean harvest. The Brazilian currency's devaluation versus the dollar boosts returns in farmers' local currency. The real hit a two-year low Thursday on concerns over the nation's fiscal outlook. Brazilian growers have so far sold 73 percent of the 2017-18 soy crop, far ahead of sales at this period last season, agricultural consultancy Datagro said Wednesday. Uncertainty about U.S. trade relationships with China and other countries hung over the grain market as well. Traders awaited news of an offer by China to import an extra $70 billion of American goods over a year, which on Tuesday had raised hopes of progress in trade negotiations. Wheat futures bucked the weak trend, advancing as dry weather in leading exporting countries kept investors nervous about supply snags for the coming season. "It is pretty dry in Australia, although yields will depend on how June rainfall goes. Dryness in Russia is a real concern as the Black Sea region has emerged as such a big exporter, and buyers around the world are dependent on wheat from Russia and Ukraine," said Phin Ziebell, agribusiness economist at National Australia Bank.
CBOT prices as of 12:56 p.m. CDT (1756 GMT):
Net Pct Volume
Last change change
CBOT wheat WN8 525.00 5.25 1.0 97378 CBOT corn CN8 375.50 -2.75 -0.7 230253 CBOT soybeans SN8 973.50 -20.75 -2.1 136369 CBOT soymeal SMN8 358.00 -7.00 -1.9 62871 CBOT soyoil BON8 30.58 -0.07 -0.2 49505
NOTE: CBOT July wheat, corn and soybeans shown in cents per bushel, soymeal in dollars per short ton and soyoil in cents per lb.
(Additional reporting by Gus Trompiz in Paris and Naveen Thukral in Singapore Editing by David Goodman and James Dalgleish)