(Updates at 1241 GMT, changes dateline)
PARIS/JAKARTA, July 10 (Reuters) - Chicago corn and wheat futures edged down on Wednesday as favourable crop conditions kept a lid on prices, while soybeans steadied after hitting another near four-year low.
Rapid wheat harvest progress and good growing conditions for corn and soybeans have weighed on Chicago prices, and traders continues to see weather forecasts as posing limited threats to crops.
The most-active corn contract on the Chicago Board of Trade(CBOT) was down 0.4% at $4.06-3/4 a bushel by 1241 GMT. That put it near a June 28 low of $3.99-1/2 that was its weakest since November 2020.
CBOT soybeans ticked up 0.1% to $10.81-1/4 a bushel, after earlier touching its lowest since November 2020 at $10.72.
CBOT wheat fell 0.8% to $5.67-1/4 a bushel.
The U.S. Department of Agriculture (USDA) on Monday increased its condition scores for U.S. corn and soybean crops.
"Moreover, the weather for both beans and corn in the U.S. has been pretty good so far and hence the higher crop expectations are driving prices lower," a Singapore trader said.
Attention is turning towards the USDA's monthly world crop report on Friday, in which it is expected to raise its U.S. corn production forecast after a recent upward revision in its planting estimate.
"Corn and soybeans no longer attract any risk premium," Argus analysts said in a note. "However, there are still uncertainties ahead, with the crucial (corn) flowering stage due to begin in the next few days."
The market will also be eyeing the USDA's updated estimates of South American production in its Friday report, a day after Brazilian agency Conab is due to release its monthly national crop forecasts.
In wheat, the brisk U.S. harvest and improving crop prospects in Russia have created supply pressure, offsetting concerns about a sharp decline for France's crop.
Falling Russian prices have underscored export competition in wheat, while news that India is to sell wheat from its reserves tempered talk that the country may shortly turn to imports, traders said.
Prices at 1241 GMT
Last Change Pct Move
CBOT wheat 567.25 -4.75 -0.83
CBOT corn 406.75 -1.75 -0.43
CBOT soy 1081.25 1.25 0.12
Paris wheat 222.00 -4.00 -1.77
Paris maize 215.25 -0.25 -0.12
Paris rapeseed 482.50 0.50 0.10
WTI crude oil 81.47 0.06 0.07
Euro/dlr 1.08 0.00 0.11
Most active contracts - Wheat, corn and soy US
cents/bushel, Paris futures in euros per metric
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(Reporting by Gus Trompiz in Paris and Bernadette Christina in Indonesia; Editing by Mrigank Dhaniwala and Arun Koyyur)
((gus.trompiz@thomsonreuters.com; +33 1 49 49 52 18; Reuters Messaging: gus.trompiz.thomsonreuters.com@reuters.net))
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