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Wheat curbed by steady U.S. crop rating

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Chances for improved field weather also cap grain prices

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Russian grain estimates above expectations

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Investors adjust positions before crop, economic data

(Updates prices, updates with analyst quotes, weather, Russia

wheat estimates, Brazil soy estimates, changes byline, previous

dateline PARIS/SINGAPORE)

By Renee Hickman

CHICAGO, April 9 (Reuters) -

Chicago Board of Trade (CBOT) wheat futures turned lower on

forecasts of bountiful crops in Russia and

Australia

, while improving U.S. weather ahead of the spring planting

season pressured corn and soybeans, traders said.

Traders spent much of the session adjusting positions

ahead of

U.S. inflation data

on Wednesday and the U.S. Department of Agriculture's

monthly

supply and demand report

on Thursday.

Traders were also prepping for Brazilian agency Conab's

monthly national crop forecasts and the March U.S. consumer

price index on Wednesday.

Forecasts for improved precipitation in the Plains next

week and an easing of heavy rain in the southern Delta zone

reduced concern about weather-related stress to wheat crops and

delays to corn planting.

"We're going to get some rain on the plains in Kansas

that might be weighing on the market a little bit," said Brian

Basting, an analyst with Advanced Trading.

U.S. Department of Agriculture (USDA) crop progress figures

released after Monday's market close tempered concerns about

dryness in the U.S. Plains, with the good/excellent rating for

U.S. winter wheat at 56%, the highest for this time of year

since 2020.

News that commodity analysis firm Argus raised estimates for

Russian wheat production also weighed on wheat futures, said Jim

McCormick of AgMarket.net.

"The big problem is there's a lot of wheat in the

world."

Most-active CBOT May wheat futures was down 1.19%

at $5.59 a bushel at 1621 GMT. CBOT soybeans was 0.47%

lower at $11.76 a bushel, and corn was down 0.75% at

$4.32-1/4 a bushel.