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Wheat falls on profit taking and Russian rain

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Corn dips on falling wheat prices

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Soy falls on speedy planting and decreased competitiveness

(Changes byline, changes dateline from PARIS to CHICAGO,

changes prices, updates throughout, adds bullet points)

By Heather Schlitz

CHICAGO, May 31 (Reuters) - Chicago wheat futures

turned lower for a second session on Friday, as news of

potentially beneficial rain in Russia dented prices and traders

sought profits after a rally earlier in the week.

Forecasts of cuts to Russia's wheat harvest due to

persistent drought and frost pushed prices to a 10-month high of

$7.20 a bushel this week. But by Friday, traders were less

concerned about how much relief the well-timed rains might give

the country's crop, analysts said.

"The Russian wheat story is running its course, and we're

going to have to see a new element to keep momentum going," said

Brian Splitt, co-founder of AgMarket. "The weather can only stay

bullish for so long."

Corn and soybean futures also eased, as investors adjusted

month-end positions as weekly grain export sales fell in line

with trade expectations and U.S. inflation data showed no

worrying signs of fresh upward momentum last month.

The most-active wheat contract on the Chicago Board of Trade

(CBOT) was down 5-1/4 cents to $6.75-3/4 a bushel by 1545

GMT.

CBOT soybeans were down 2-1/4 cents at $12.07 a bushel

while corn was down 1/4 cent at $4.48-3/4 a bushel having

touched a four-week low in the previous session.

U.S. farmers have made steady progress in planting corn and

soybeans in between showers, and the rain could help early

growth of this year's crops.

However, predictions of a record-warm summer in 2024 as well

as other weather risks being priced into the market may be

adding support to corn and soy futures, traders said.

Speedy soybean sales from Argentina weighed on Chicago soy

futures while falling wheat prices hung over corn futures.