(Recasts, updates with U.S. trading, adds new analyst comment, changes byline, dateline, previous PARIS/SINGAPORE)
By Mark Weinraub
CHICAGO, June 7 (Reuters) - U.S. corn and soybean futures eased on Tuesday on a mild bout of profit-taking after a rally pushed both commodities to multi-month highs in recent days.
Wheat futures firmed slightly, gaining support from short-covering and concerns that heavy rains would hinder crop development in Western Europe.
But traders said the market already reflected expectations of rising export demand for U.S. supplies of corn and soybeans due to crop shortfalls in South America.
“We have had a strong run on both corn and soybeans (but) there is no fresh news to pop markets any more at the moment,” said Mike Krueger, president of the Money Farm, a grain market advisory service near Fargo, North Dakota.
The moves in all three commodities were muted as traders consolidated positions ahead of the U.S. Agriculture Department’s monthly supply and demand report on Friday. Analysts expect the report to show a trimming of U.S. corn and soybean ending stocks for the current season.
At 10:27 a.m. CDT (1527 GMT), Chicago Board of Trade July soybean futures were down 7-1/4 cents at $11.31 a bushel. CBOT July corn was 2-1/4 cents lower at $4.25, and CBOT July wheat was 2-1/2 cents higher at $5.10.
The good condition of U.S. crops was hanging over the market.
In a weekly update released after the market closed on Monday, the USDA said farmers had nearly completed planting corn and that 75 percent of the crop was in good-to-excellent condition, a score that beat market expectations.
Winter wheat ratings fell by one point to 62 percent, but the relatively good score and drier weather for the U.S. harvest under way have underlined ample U.S. supplies.
“The crop conditions displayed by USDA yesterday remain satisfactory,” French consultancy Agritel said in a note. “However, U.S. operators are cautious about the medium term and are integrating a summer risk premium.”
Grain investors are monitoring the potential for a La Nina weather pattern that could lead to a dry U.S. summer.
The USDA estimated that 72 percent of soybeans crops were in good or excellent condition. (Additional reporting by Naveen Thukral in Singapore and Gus Trompiz in Paris; Editing by David Evans and Lisa Von Ahn)