Soybeans, corn fall as US rain forecast eases supply fears
BEIJING, July 29 (Reuters) -Chicago soybean and corn slipped on Monday, as forecast for rain in U.S. crop belt alleviated concerns over potential impact on crop yields from hot and dry weather conditions.
Wheat edged lower after projections of strong U.S. spring wheat yields and cheap prices offered by Black Sea exporters.
FUNDAMENTALS
* The most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 was down 1.3% at $10.35 a bushel, as of 0255 GMT.
* CBOT corn Cv1 slipped 0.5% to $4.08 a bushel.
* Wheat Wv1 fell 0.4% to $5.21-1/2 a bushel.
* On Thursday, the Commodity Weather Group said up to 20% of the U.S. corn crop is likely to be stressed in the next two weeks, but more rain is now forecast in U.S. crop belts next week.
* A federal appeals court said on Friday it rejected the Environmental Protection Agency's decision in 2022 to deny small oil refineries temporary waivers from the nation's biofuels blending programme, and sent the matter back to the agency for review.
* 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.
* Ukraine's grain exports in the 2024/25 July-June season stood at over 3 million metric tons by July 26, up sharply from 1.9 million at the same date a season earlier, agriculture ministry data showed on Friday.
MARKETS NEWS
* Asian shares bounced on Monday into a week packed with earnings and a trio of central bank meetings that could see the United States and UK open the door to easing, while Japan might lift borrowing costs in a step toward "normality". MKTS/GLOB
Reporting by Peter Hobson; Editing by Subhranshu Sahu and Sherry Jacob-Phillips
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