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GRAINS-Soy, corn ease as traders book profits, hope for drier U.S. weather

Tom Polansek

* Corn retreats from 5-year high set this week

* Traders eye U.S. weather after record spring floods

* USDA to release acreage, grain stocks data on June 28 (Updates with U.S. trading, changes dateline, pvs PARIS/SYDNEY)

CHICAGO, June 21 (Reuters) - U.S. corn and soybean futures slumped on Friday as traders booked profits after corn prices reached five-year highs this week and also hoped for a break in rains that have stalled plantings across the American Midwest.

Price movements were limited as traders waited for the U.S. Department of Agriculture to paint a clearer picture of the consequences of soggy conditions in U.S. Farm Belt this spring. The agency is set to release a weekly crop-progress report on Monday and separate reports on acreage and grain stocks on Friday next week.

Widespread storms caused unprecedented delays in corn plantings this spring and prevented farmers from planting crops across millions of acres. The weather problems heap more worries on a farm sector that has suffered from years of low crop prices and a U.S.-China trade war that is slowing agricultural exports.

Drier conditions are expected across much of the corn belt next week, according to weather firm Maxar. This "should finally allow wetness to ease up a bit and fieldwork to resume," the company said in a forecast.

The most actively traded corn futures on the Chicago Board of Trade dropped by 0.3% to $4.48-3/4 a bushel by 11:40 a.m. CDT (1640 GMT), after climbing by 2% on Thursday.

Most-active CBOT soybean futures lost 0.8% to $9.08-1/4 a bushel.

Most-active CBOT wheat futures were up 0.4% at $5.34 a bushel. Euronext wheat also edged higher as traders assessed the risk to crops from a heat wave expected in Western Europe.

Traders remained nervous about the potential for reduced U.S. corn and soybean yields due to unfavorable weather. The crops face an increased risk for damage from hot weather during key development periods or from an early autumn frost, after being planted late.

Corn futures reached a five-year high on Monday on worries about water-logged farm fields but have since pulled back about 3%.

"We're seeing profit taking after the prices ran up," said Terry Reilly, senior commodity analyst for Futures International in Chicago.

The USDA on Thursday announced a new measure to help farmers who were unable to plant corn and soybeans due to widespread flooding across the U.S. Midwest.

(Reporting by Tom Polansek in Chicago Additional reporting by Gus Trompiz in Paris and Colin Packham in Sydney Editing by Mark Potter and Matthew Lewis)