GRAINS-Wheat falls as Russia's new crop arrives on the market

CANBERRA, July 22 (Reuters) - Chicago wheat futures fell on Tuesday as top exporter Russia began to ship grain from its new crop, underscoring expectations of plentiful supply in the months ahead.

Corn and soybean futures rose slightly, clawing back some of the previous session's losses amid a mixed weather outlook in the United States.

The most active wheat contract on the Chicago Board of Trade (CBOT) Wv1 was down 0.4% at $5.40 a bushel at 0253 GMT, hovering close to the five-year low of $5.06-1/4 hit in May.

The first wheat from Russia's new crop has arrived, and although Russian export prices have risen in recent weeks, the overall harvest is expected to be large, at around 83-84 million metric tons.

In the United States, the Department of Agriculture (USDA) said the winter wheat harvest was 73% complete as of Sunday, and 52% of spring wheat was in good-to-excellent condition.

Higher corn prices due to emerging weather risks have supported wheat, said Commonwealth Bank analyst Dennis Voznesenski, but "it doesn't typically make sense for prices to move higher during harvest."

Wheat stocks at the end of the 2025/26 season are also likely to be higher than a year earlier, weighing on the market, Voznesenski said.

In other crops, CBOT soybeans Sv1 rose 0.2% to $10.28 a bushel and corn Cv1 was up 0.2% at $4.23 a bushel.

Traders were concerned that high temperatures in the U.S. Midwest would damage yields, but after a brief burst of heat mid-week, showers are expected to limit stress to crops, said Commodity Weather Group.

The USDA on Monday rated 74% of the U.S. corn crop and 68% of U.S. soybeans in good-to-excellent condition, the highest assessment for corn at this time of year since 2016.

The corn rating was unchanged from the previous week but soybeans were down from 70% and below the average analyst estimate.

Both markets are well supplied, and agribusiness consultancy AgRural on Monday increased its estimate for Brazil's total 2024/25 corn production to 136.3 million tons from 130.6 million tons.