*

Wheat dips as wheat tour shows strong yield potential

*

Soybeans rise on worries over south Brazil floods

*

Planting weather pressures corn

(Updates byline, prices, analyst quotes, rewrites throughout)

By Renee Hickman

CHICAGO, May 17 (Reuters) - Chicago Board of Trade wheat

futures dropped on Friday after a crop tour through Kansas this

week projected better-than-average yields in a top U.S. winter

wheat state, analysts said.

Corn also headed lower on improving U.S weather forecasts

while soybeans extended gains as forecasts for more rain in

southern Brazil fueled concern about crop losses to floods.

The July wheat contract on the Chicago Board of Trade (CBOT)

was down 9-3/4 cents at $6.53-1/2 a bushel by 12:07 P.M.

CDT (1707 GMT).

Scouts on the Wheat Quality Council's

annual wheat crop tour

concluded their trip on Thursday, estimating Kansas wheat's

yield potential at 46.5 bushels per acre (bpa) after scouting

449 fields over three days. The figure was the highest since

2021 and above the five-year tour average of 42.4 bpa from

2018-2023.

Wheat futures were technically overbought and due for a

correction, said Austin Schroeder, a commodity analyst with

Brugler Marketing and Management.

Futures hit 10-month highs this week on concerns about

frost killing crops in Russia, the world's biggest wheat

exporter.

In corn, forecasts for a drier window in corn-growing

areas over the weekend before rains arrive next week had capped

prices, Schroeder said.

"I think its fairly open in terms of planting," he said.

CBOT July corn was down 4-3/4 cents at $4.52-1/4

while July soybeans added 10 cents to $12.26-1/4 a

bushel.

Soybeans rose as the harvesting of soybeans, corn and rice

in Brazil's flood-devastated Rio Grande do Sul advanced slowly

in the last week as relentless rains and stubbornly high waters

failed to subside.

"There was a sharp reduction in grain quality in comparison

to the product obtained before the excess rain," Brazilian crop

agency Emater said on Thursday.

Gains in soyoil helped boost soybeans, Schroeder said.