GRAINS-Corn resumes slide as strong US crop prospects weigh

PARIS/CANBERRA, July 15 (Reuters) - Chicago corn futures eased on Tuesday, with a bounce from contract lows petering out as U.S. government data confirmed favourable conditions for this year's corn crop.

Soybeans edged down, with strong crop ratings also weighing on prices, while wheat futures also fell with advancing northern hemisphere harvests hanging over the market.

Investors were looking ahead to U.S. inflation data later on Tuesday for further direction, while continuing to assess the possible impact of sweeping tariffs proposed by U.S. President Donald Trump.

The U.S. Department of Agriculture (USDA) said on Monday that 74% of the U.S. corn crop and 70% of the soybean crop were in good-or-excellent condition - the highest July ratings since 2016.

Forecasts continued to point to a favourable mix of moderate heat and regular rain in the week ahead for the U.S. Midwest.

"U.S. weather looks great, seasonals are broadly bearish," Peak Trading Research said in a note.

"Markets have shaken off Trump's new tariff volleys and are now nervously anticipating today's CPI print," it said, referring to the Consumer Price Index.

The most-active corn contract on the Chicago Board of Trade (CBOT) Cv1 was down 0.7% at $4.15-1/4 a bushel by 1039 GMT. The December delivery contract CZ25 hit a low of $4.07-1/2 on Monday.

CBOT soybeans Sv1 edged down 0.4% to $10.03-1/2 a bushel after touching $9.98-1/4 on Monday, their lowest level since April 9.

CBOT wheat Wv1 eased 0.5% to $5.39 a bushel.

Corn had regained some ground on Monday and earlier on Tuesday, with analysts seeing the market prone to bounces at current low levels.

"We remain fundamentally constructive on CBOT corn and see value for consumers at current levels," analysts at JPMorgan said, calling the corn market oversold.

China, the world's biggest soybean buyer, imported record volumes of soy in June, a Reuters calculation of customs data showed, driven by a surge in shipments from top supplier Brazil.

The National Oilseed Processors Association is expected to say the U.S. soybean crush dropped in June to a four-month low, analysts said, though it would still be the largest June crush on record due to expanded processing capacity.

The wheat market is awaiting the outcome of an import tender being held by Algeria for a potential demand boost amid the arrival of large crops across the northern hemisphere.