GRAINS-Corn steadies after slide as weather watched

Updates with European trading, changes dateline

- Chicago corn futures edged up on Thursday after a four-session slide driven by falling crude oil prices and a rising dollar, with traders monitoring forecasts for a hot spell in part of the U.S. Midwest.

Soybeans ticked up too, while wheat edged down to hover around its lowest in a week.

The most-active corn contract on the Chicago Board of Trade (CBOT) Cv1 was up 0.2% at $4.35-1/2 a bushel at 1149 GMT.

Broadly favourable crop weather this month has contributed to the drop in corn prices. But forecasts of rising temperatures in the coming two weeks, when corn will approach the crucial pollination stage, led to some caution in the market. Good field conditions had up till now limited market reaction to a heatwave in Western Europe that is threatening corn crops there.

"Producers remain attentive to the evolution of the temperatures," Argus Media analysts said of corn.

A hot spell could also affect soybean conditions, though August is typically viewed as a more important growth period for U.S. soybeans.

The soybean market was also monitoring further Chinese purchases following a May summit between Presidents Donald Trump and Xi Jinping.

CBOT soybeans Sv1 edged up 0.4% to $11.39-1/2 a bushel, while CBOT wheat Wv1 inched 0.1% lower to $5.95-1/2 a bushel.

The dollar, meanwhile, held firm near a 13-month high, dampening prospects of U.S. exports by making them more expensive for overseas buyers. FRX/

Oil prices extended losses to levels last seen before the start of the Iran war, as expectations of rising Middle East supply outweighed demand concerns. O/R

Crude oil can weigh on soybeans and corn given that both are widely processed for use in biofuel.

"Lower crude oil prices and a stronger U.S. dollar are two significant headwinds," Peak Trading Research said, adding: "The market is already looking ahead to next week's USDA stocks and acreage reports."

The U.S. Department of Agriculture planting and stocks data, due on June 30, are among the most widely followed publications in the grain market, giving a pointer to U.S. supply for the season ahead.

Prices at 1149 GMT

Last

Change

Pct Move

CBOT wheat Wv1

595.50

-0.50

-0.08

CBOT corn Cv1

435.50

0.75

0.17

CBOT soy Sv1

1139.50

4.50

0.40

Paris wheat BL2c1

208.50

-1.00

-0.48

Paris maize EMAc1

229.75

2.25

0.99

Paris rapeseed COMc1

514.25

-1.50

-0.29

WTI crude oil CLc1

69.74

-0.60

-0.85

Euro/dollar EUR=

1.13

0.00

-0.19

Most active contracts - Wheat, corn and soy U.S. cents/bushel, Paris futures in euros per metric ton