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GRAINS-Chicago corn futures lower as improved weather hits the Midwest

Barbara Smith

* Soy prices fall as U.S.-China talks make little progress

* Weather may help corn and soybean growth (Adds quotes, updates prices; changes byline, dateline, previous LONDON)

CHICAGO, July 31 (Reuters) - Chicago corn futures moved lower on Wednesday as analysts said U.S. crop weather was not threatening, while wheat and soybean prices also eased.

The Chicago Board of Trade's (CBOT) most-active corn contract was down 6-3/4 cents, or 1.6%, to $4.14-142 a bushel at 11:48 a.m. CDT (1648 GMT).

The corn market on Monday dropped to its lowest since June 11 at $4.12 a bushel.

The weather outlook for the Midwest is generally favorable, with slightly below-normal temperatures ideal for reproductive corn and soybeans, although pockets of unfavorable dryness persist in the corn belt.

"There is just nothing new to report on when it comes to the grain markets," said Joe Christopher, merchandiser with Crossroads Co-op. "The market is just tired at this point."

He added that the market is waiting for the U.S. Department of Agriculture (USDA) to release their acreage report with updates on how many corn and soybean acres were planted.

"We could see some surprises with the August 12th USDA report," said Christopher. "It all depends on how they count prevent plant and lost acres."

U.S.-China trade talks wrapped up on Wednesday, with both sides saying the talks were "constructive."

But dealers were wary about chances of a breakthrough.

"China is going to need to buy more than a few cargos for the market to actually move," Christopher said.

U.S. President Donald Trump on Tuesday warned China against waiting out his first term to finalize any trade deal, saying if he wins re-election in the November 2020 presidential contest, the outcome could be no agreement or a worse one.

Trump said China appeared to be backing off on a pledge to buy U.S. agricultural products, which officials in Washington have said could be a goodwill gesture and part of any final pact.

The most active CBOT soybean contract was down 11-1/2 cents, or 1.3%, at $8.85-1/4 a bushel.

CBOT's most active wheat contract was down 10-1/4 cents, or 2.1%, at $4.87 a bushel.

A heat wave in the European Union's main wheat producers last week helped farmers make rapid progress with harvesting, with some crop forecasts being increased. (Reporting by Barbara Smith in Chicago; additional reporting by Nigel Hunt in London, Naveen Thukral in Singapore; editing by Gopakumar Warrier, Mark Potter and G Crosse)