GRAINS-U.S. corn and soybeans ease; wheat holds firm
(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. Continuación...