GRAINS-Wheat eases on ideas of Russian exports, long liquidation

(New throughout; updates prices, adds quotes, changes byline, changes dateline from previous PARIS/SINGAPORE) CHICAGO, Aug 20 (Reuters) - U.S. wheat futures fell about 3 percent on Monday on expectations of a pick-up in Russian wheat exports in the next few months, while soybeans clung to modest advances, traders said. Corn followed wheat lower. As of 1:09 p.m. CDT (1809 GMT), Chicago Board of Trade December wheat was down 17 cents at $5.62-3/4 per bushel and December corn was down 2 cents at $3.76-3/4. New-crop November soybeans were up 1/2 cent at $8.93-1/4 a bushel. Wheat slipped on expectations that Russian exporters may step up grain shipments in the next few months in anticipation that the government could put curbs on exports sometime after December, traders said. Speculation about potential export limits in Russia, the world's top wheat exporter, had pushed futures sharply higher on Friday, adding to worries about tightening global supplies after drought cut harvests in the Black Sea, Europe and Australia. As CBOT wheat retreated on Monday, additional pressure stemmed from long liquidation after the U.S. Commodity Futures Trading Commission's supplemental commitments report showed large speculators widened their net long position in CBOT wheat to 14,220 lots, the biggest since 2012. "That long (position) in wheat was at the top end of the range. I think that was a concern, that we are getting bloated," said Don Roose, president of U.S. Commodities. CBOT corn fell in sympathy with wheat and on expectations for a bumper U.S. harvest. Participants in the annual Pro Farmer Midwest Crop Tour began scouting fields on Monday in South Dakota and Ohio, and early indications from a small number of fields were for above-average corn yields in those states.

Weekend rains and forecasts for more showers this week bolstered yield prospects for corn as well as soybeans, pressuring futures. "These rains should significantly boost soil moisture levels, favoring corn and soybean filling," Radiant Solutions said in a daily client note. Ahead of the U.S. Department of Agriculture's weekly crop progress poll, analysts surveyed by Reuters on average expected the government to lower crop condition ratings for corn while leaving soybean ratings unchanged. CBOT soybean futures were fractionally higher, supported by optimism that upcoming talks between Washington and Beijing might defuse trade tensions and help revive U.S. soy shipments to the world's biggest importer of the oilseed. After last week's announcement of a fresh round of U.S.-China trade negotiations in late August, a Wall Street Journal report late on Friday said the world's two largest economies were working on a plan to resolve their tariff dispute

CBOT prices as of 1:05 p.m. CDT (1805 GMT):

Net Pct Volume

Last change change

CBOT wheat WZ8 564.00 -15.75 -2.7 56744 CBOT corn CZ8 377.00 -1.75 -0.5 107918 CBOT soybeans SX8 893.75 1.00 0.1 69844 CBOT soymeal SMZ8 331.10 -1.30 -0.4 29269 CBOT soyoil BOZ8 28.80 0.24 0.8 31142

NOTE: CBOT December wheat and corn and November soybeans shown in cents per bushel, December soymeal in dollars per short ton and December soyoil in cents per lb.

(Additional reporting by Gus Trompiz in Paris and Naveen Thukral in Singapore Editing by Marguerita Choy and Edmund Blair)