GRAINS-Chicago grains stay weak as supply pressure hangs over market

By Gus Trompiz, Ella Cao

PARIS/BEIJING, June 25 (Reuters) - Chicago soybean, corn and wheat futures edged lower on Wednesday, with corn setting another 2025 low, as a ceasefire between Iran and Israel put the focus back on ample expected supply in the United States and worldwide.

Losses were more modest than a day earlier as crude oil LCOc1 steadied and investors awaited comments from the U.S. Federal Reserve's chief later on Wednesday.

Grain traders are also turning their attention towards U.S. grain stocks and planting data due on Monday that are among the most closely tracked estimates in the market. USDA/EST

The most-active corn Cv1 contract on the Chicago Board of Trade was down 0.8% at $4.12-3/4 a bushel. It earlier fell to its lowest since Nov. 1 at $4.12-1/2, marking the latest in a series of 2025 lows for corn this month.

CBOT soybeans Sv1 were down 0.3% at $10.31-1/2 per bushel to fall for a fourth session. CBOT wheat Wv1 eased 0.5% to $5.49-1/2 a bushel to drop for a third day.

"For corn and soybeans, current weather conditions across the U.S. Corn Belt are considered highly favourable for crop development," Argus Media said in a note. "Corn (is) additionally weighed down by excellent harvest prospects in Brazil."

Warm, rainy weather in the U.S. Midwest is expected to aid crop development in the coming days and has taken the attention away from weaker-than-expected weekly U.S. crop conditions ratings reported by the U.S. Department of Agriculture on Monday.

In Brazil, farmers are estimated to produce a record 123.3 million metric tons of second corn, agribusiness consultancy Agroconsult said on Tuesday.

Second corn, which Brazilian farmers are harvesting now, will account for about 80% of national output this year. It is mainly exported in the second half, competing with U.S. corn suppliers on global markets.

However, the steadying in crude oil, as the market consolidated following this week's slide while investors assessed the fragile ceasefire between Iran and Israel, lent some support to grains.

"The crude oil market has stabilised at levels marginally higher than before the Israel-Iran war so that has given some confidence we don't need to slide too much for now," said Ole Houe, head of advisory services at IKON Commodities in Sydney.

Wheat remained curbed by a strong production outlook across the Northern Hemisphere where harvesting is under way.

Consultancy Sovecon said on Wednesday it had slightly raised its forecast for 2025 Russian wheat production for 2025, citing improved crop conditions in parts of central Russia, as it joined other analysts in raising its outlook for the crop.