Updates prices, adds French crop ratings

BEIJING/PARIS, May 22 (Reuters) - Chicago corn and soybean futures rose on Friday, supported by strong exports, although beneficial weather in the U.S. was capping prices. Wheat futures fell.

The most-active corn contract on the Chicago Board of Trade (CBOT) Cv1 rose 0.4% to $4.64 a bushel by 1150 GMT. Soybeans Sv1 were also 0.4% higher at $11.99 a bushel. Wheat Wv1 lost 0.4% to $6.45-1/2 a bushel.

The U.S. Department of Agriculture reported net old-crop U.S. corn export sales totalled 2,125,316 metric tons in the week ended May 14, above trade expectations. New-crop sales of 281,430 tons were at the high end of a range of trade estimates.

Slightly wetter weather is forecast for the U.S. Midwest in the coming weeks and is expected to benefit corn development, according to Commodity Weather Group.

Next week, warmer-than-normal temperatures in the northern Midwest should accelerate early growth, forecaster Vaisala said.

The weather also looked generally favourable for early development of U.S. soybean crops, analysts said.

Net U.S. soybean export sales last week rose to 351,423 tons for shipment in the 2025/26 marketing year and 172,729 tons for 2026/27.

Net wheat export sales were at 166,342 metric tons for shipment in the 2025/26 marketing year and 130,488 tons for 2026/27.

In Argentina, a major world supplier of wheat, President Javier Milei said the country will cut its export tax on the grain to 5.5% from 7.5% starting from June.

Export taxes on soybeans could also be cut by between 0.25 and 0.50 percentage points next January, Milei said.

Argentina's 2025/26 soybean harvest is expected to reach 50.1 million tons, up from the previously estimated 48.6 million tons, thanks to higher-than-expected yields as the harvest progresses, the Buenos Aires Grain Exchange said on Thursday.

The exchange also increased its corn output forecast by 3 million tons to a record 64 million tons, driven by an upward revision to planted area.

Meanwhile, crop condition in France, the European Union's largest grain producer, remained stable last week, ahead of an expected heatwave next week.

Prices at 1150 GMT
	Last	Change	Pct Move
CBOT wheat Wv1	645.25	-2.25	-0.35
CBOT corn Cv1	464.00	1.75	0.38
CBOT soy Sv1	1199.00	4.75	0.40
Paris wheat BL2U6	214.00	-2.25	-1.04
Paris maize EMAc1	217.25	-1.00	-0.46
Paris rapeseed COMc1	526.25	1.25	0.24
Euro/dlr EUR=	1.16	-0.002	-0.20
Most active contracts - Wheat, corn and soy US cents/bushel, Paris futures in euros per tonne