GRAINS-Wheat seesaws in choppy trade, corn and beans fall

By Renee Hickman

CHICAGO, May 30 (Reuters) - Chicago wheat traded both sides of unchanged on Friday as the U.S. dollar showed some signs of weakness and there was good export demand, according to analysts, but weather in growing regions was favorable.

Soybeans and corn ticked lower, curbed by expectations of ample supplies and beneficial weather, and soybeans faced additional pressure from uncertainty over biofuel demand as the U.S. government considers waivers for oil refiners.

The most-active wheat contract on the Chicago Board of Trade (CBOT) Wv1 fell 1 cent to $5.33 a bushel by 12:22 CST (1722 GMT). Corn Cv1 dropped 3-1/4 cents to $4.43-3/4 a bushel.

CBOT soybeans Sv1 fell 10-1/4 to $10.41-1/2 a bushel.

In the U.S., winter wheat conditions showed an unexpected decline last week, and the dollar was mixed on Friday as investors factored in the likelihood of trade tariffs remaining in some form, even as U.S. President Donald Trump faces a court battle over his authority to impose them.

A weaker dollar makes U.S. exports less expensive and more competitive to holders of other currencies.

The currency of major wheat exporter Russia meanwhile hit a two-year high yesterday, noted Mike Zuzolo, president of Global Commodity Analytics.

Meanwhile, regular showers have helped most corn and soybean crops get off to a good start to their growing season, analysts said. Rain has also improved moisture in wheat-growing areas, according to weather forecaster Vaisala.

"In corn and beans, there's probably more a traditional seasonal market," said Zuzolo.

With expectations rising for Brazil's upcoming second corn crop, the corn market found little support in large export sales reported on Thursday by the U.S. Department of Agriculture.

Zuzolo noted that soybean oil was pressured by the ongoing uncertainty in the realm of biofuel policy.

The soybean market was also assessing a Reuters report that the White House is considering a plan to clear a record backlog of requests from small refineries for exemptions from U.S. biofuel laws.