GRAINS-Soybeans dip on weather, selling pressure; corn and wheat rise

BEIJING, June 26 (Reuters) - Chicago soybean futures slipped on Thursday, weighed down by favourable weather in the U.S. Midwest and selling pressure.

Corn rebounded after four straight sessions of losses.

FUNDAMENTALS

The most-active soybean contract Sv1 eased 0.12% to $10.17-2/8 per bushel as of 0122 GMT, hovering near an 11-week low.

Corn Cv1 rose 0.24% higher to $4.11-2/8 a bushel, though it remains near 2025 lows. Wheat Wv1 traded flat at $5.44-4/8 a bushel.

Warm, rainy weather has created ideal growing weather for soybeans and corn in the U.S. Midwest.

Selling pressure ahead of the first notice date for the July soybean, wheat and corn contracts added to the downside.

Corn and wheat also remain under pressure due to ample supply outlooks and favourable weather.

In Brazil, the National Energy Policy Council (CNPE) on Wednesday approved higher biofuel blending mandates, a move celebrated by renewable energy lobbies.

Agricultural consultancy Sovecon said on Wednesday it had slightly raised its forecast for Russian wheat production for 2025 to 83.0 million metric tons, citing improved crop conditions in parts of central Russia.

Traders are watching for the U.S. Department of Agriculture's crop progress and quarterly stocks reports due Monday

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

MARKET NEWS

The dollar eased to a fresh 3-1/2-year low on the euro on Thursday as concerns about the future independence of the U.S. Federal Reserve undermined faith in the soundness of the country's monetary policy. MKTS/GLOB

DATA/EVENTS (GMT)

1230 US Durable Goods May

1230 US GDP Final Q1

1230 US Initial Jobless Clm 21 Jun, w/e

1430 US EIA-Nat Gas Chg Bcf, Nat Gas-EIA Implied Flow 20 Jun, w/e