Updates with European trading, changes dateline

BEIJING/PARIS, June 26 (Reuters) - Chicago soybean futures came under pressure on Friday from weaker crude oil, but remained on course for a second weekly gain as hot U.S. weather raised crop concerns and traders watched for signs of renewed Chinese demand.

Corn also eased after a day-earlier bounce driven by expanding heat in the central United States, while wheat dropped as an advancing harvest created supply pressure.

Attention was turning increasingly towards U.S. Department of Agriculture acreage and stocks reports next Tuesday, among the most widely followed data in grain markets.

The most-active soybean contract Sv1 on the Chicago Board of Trade was down 0.6% at $11.50 a bushel at 1205 GMT.

Crude prices sank around 3% on Friday and were headed for steep weekly losses due to fading supply concerns, despite continued tensions over transits through the Strait of Hormuz. O/R

The decline in energy prices weighed on soybeans and corn, both of which are used as feedstocks for biofuels.

De-escalation in the Middle East conflict has also pushed down fertiliser prices, removing a risk factor for agricultural markets.

The slide in oil has coincided with a dollar rally, encouraging investors to liquidate long positions in Chicago grains and other commodity markets. FRX/

"June has been characterised by a rapid repricing of geopolitical risk, monetary policy expectations and speculative positioning after several markets had become increasingly crowded on the long side," Ole Hansen, head of commodity strategy at Saxo Bank, said in a note.

However, a hot turn to Midwest weather has brought some support for Chicago grains, which had previously shown little reaction to a heatwave in Western Europe threatening corn crops there.

"It's getting pretty hot, though U.S. corn isn't at the pollination stage yet. But the market is clearly going to be focused on weather from now on," a European trader said.

CBOT corn Cv1 slipped 0.3% to $4.41-3/4 per bushel. CBOT wheat fell Wv1 2.0% to $5.89-1/4 per bushel, with a swift U.S. harvest pace taking attention away from drought-diminished yields.

"[Wheat] prices have found substantial support through 2026 on the deteriorating U.S. winter wheat crop condition," BMI, a unit of Fitch Solutions, said in a report.

"However, recent price action has seen some of that support unwind as near-term physical supply prospects improve with the advancing U.S. harvest."

Prices at 1205 GMT
	Last	Change	Pct Move
CBOT wheat Wv1	589.25	-12.25	-2.04
CBOT corn Cv1	441.75	-1.25	-0.28
CBOT soy Sv1	1150.00	-7.00	-0.61
Paris wheat BL2c1	203.00	-3.00	-1.46
Paris maize EMAc1	227.25	-0.75	-0.33
Paris rapeseed COMc1	513.00	-5.75	-1.11
WTI crude oil CLc1	70.30	-1.62	-2.25
Euro/dollar EUR=	1.14	0.00	0.27
Most active contracts - Wheat, corn and soy U.S. cents/bushel, Paris futures in euros per metric ton