Corn, soybean futures dip as Midwest weather worries ease

PARIS/MELBOURNE - U.S. corn and soybean futures fell on Monday as forecast rain eased concerns about dryness in the Midwest and traders awaited further clues from a weekly U.S. government crop report. Wheat was pulled lower by corn and soy while also remaining under pressure from progress in the U.S. winter wheat harvest. The most active Chicago Board of Trade corn contract was down 2.1 percent at $4.28-1/2 a bushel by 1149 GMT, giving up most of its sharp gains from Friday. Soybeans were down 1.6 percent at $11.30 a bushel, while wheat slipped 1.1 percent to $4.76 a bushel. Corn raced higher on Friday amid market worries that patchy rain and rising temperatures could stress Midwest crops in the run-up to the pollination phase. But weather forecasts were showing some more rain this week after some heavy showers over the weekend, although intense heat was expected in some areas in the week ahead. "Rains forecast on the Corn Belt should weigh on the market again, in a context where funds remain very long of soybean and corn, pushing them to profit taking," consultancy Agritel said in a market note.