GRAINS-Chicago soybeans slip on favourable weather, weaker soyoil

BEIJING, June 17 (Reuters) - Chicago soybean futures fell on Tuesday, pressured by favourable U.S. crop weather that boosted harvest prospects and a drop in soyoil prices.

Corn eased on beneficial rains across key growing regions in the U.S., though strong export data helped stem losses. Wheat edged higher.

FUNDAMENTALS

The most-active soybean contract Sv1 dipped 0.35% to $10.66 per bushel, as of 0112 GMT, snapping a two-day rally.

Corn Cv1 slipped 0.35% to $4.33 a bushel, while wheat Wv1 rose 0.42% to $5.39 a bushel.

Declining soyoil prices also weighed on soybeans, as the market paused after a two-day rally driven by strong U.S. biofuel mandates and firmer crude oil.

Soybeans continue to face headwinds from weak demand, ongoing tariff uncertainty and global competition.

Weekend rains favoured portions of the U.S. Plains as well as the northwest and southeastern Midwest, meteorologists said, which improved crop outlooks.

U.S. government data showed improved weekly condition ratings for the country's corn crop, matching the best levels for this time of the season in several years. However, soybean ratings declined.

U.S. corn inspections in the latest week reached about 1.67 million metric tons, at the high end of trade expectations.

Winter wheat ratings declined, with 52% of the crop rated good-to-excellent, down from 54% last week. Analysts had expected no change.

Russian wheat export prices decreased last week as a new crop approached the market amid moderately positive harvest forecasts, analysts said.

Commodity funds were net buyers of Chicago Board of Trade soyoil futures contracts on Monday and net sellers of corn, soymeal, wheat and soybean futures, traders said. COMFUND/CBT

MARKET NEWS

The dollar strengthened against the safe-haven yen and Swiss franc on Monday, but weakened against most major currencies, as investors monitored the fighting between Israel and Iran for signs it could escalate into a broader regional conflict and braced for a week packed with central bank meetings. MKTS/GLOB

DATA/EVENTS (GMT)

0900 Germany ZEW Economic Sentiment, Current Conditions Jun

1230 US Import Prices YY, Retail Sales MM May

1315 US Industrial Production MM May