Soy and corn prices ease as rains seen aiding US crops
Adds background, updates prices
LONDON, July 29 (Reuters) -Chicago soybean and corn prices fell on Monday, as a forecast for rain in the U.S. crop belt alleviated concerns over the potential impact on crop yields from hot and dry weather.
Wheat also eased after projections of strong U.S. spring yields and low prices offered by Black Sea exporters.
The most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 was down 1.5% at $10.33 a bushel at 1055 GMT.
CBOT corn Cv1 slipped 0.4% to $4.08-1/4 a bushel.
The market had initially anticipated extreme heat and dryness over the U.S. Midwest to reduce corn and soybean crop production but recent weather forecasts indicated that the hot and dry weather would be temporary, analysts said.
The oilseed sector was underpinned by diminished prospects for both rapeseed and sunflower seed harvests in the European Union this year.
Taiwan's MFIG purchasing group has issued an international tender to buy up to 65,000 metric tons of animal feed corn which can be sourced from the United States, Brazil, Argentina or South Africa, European traders said on Monday.
Wheat Wv1 fell 0.5% to $5.20-3/4 a bushel.
Ratings of French soft wheat fell again last week to hit another eight-year low, with now only half of the crop in good condition, while harvesting remained well behind average as wet weather throughout the cycle continued to weigh on crops.
Russian agricultural consultancy Sovecon has revised its forecast for Russia's 2024 wheat crop to 84.7 million metric tons, up from its previous estimate of 84.2 million tons, it said on Friday.
Reporting by Mei Mei Chu in Beijing and Nigel Hunt in London; Editing by Kirsten Donovan
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