Updates for market open, changes dateline to CHICAGO from PARIS/BEIJING

By Heather Schlitz

CHICAGO, June 22 (Reuters) - Chicago corn and soybean futures dropped on Monday on falling crude oil prices and a rising dollar, with wheat ticking lower on favorable crop prospects in Russia and Ukraine, analysts said.

Abundant rainfall and moderate temperatures in the U.S. Midwest have curbed corn and soybean prices this month, though traders say wet conditions and excess rainfall may start to impede growth.

Market players are awaiting the U.S. Department of Agriculture's weekly crop progress report on Monday afternoon, which will include condition ratings for the nascent corn and soybean crops.

On the Chicago Board of Trade, most-active corn Cv1 lost 6 cents to $4.11-1/2 a bushel as of 11:15 a.m. CT (1615 GMT), and CBOT most-active soybeans Sv1 ticked 1/4 cent lower to $11.42-1/2 a bushel.

Soybeans drew some support from a bounce in soyoil prices BOcv1, which tracked strength in other vegetable oils.

Traders are closely monitoring signs of renewed Chinese buying.

The U.S. Department of Agriculture last week confirmed the sale of 132,000 tons of U.S. soybeans to China for delivery in the 2026/27 marketing year, marking the first publicly reported Chinese purchase since a May summit between Presidents Donald Trump and Xi Jinping. Another sale of soybeans to China was reported on Monday morning.

Crude oil prices fell 4% on Monday after U.S. Vice President JD Vance said progress has been made in talks with Iran and that the Strait of Hormuz was open, easing supply concerns. O/R

Corn and soybean futures often follow crude oil, as both are commonly used as feedstock for biofuel.

In wheat, an advancing U.S. harvest and favourable crop prospects in Russia and Ukraine have taken attention away from drought damage to the U.S. hard red winter wheat crop.

The most-active wheat contract Wv1 was down 5-3/4 cents at $6.08-1/4 per bushel.