BEIJING, June 18 (Reuters) - Chicago soybean futures

eased as traders booked profits on Wednesday following a

three-day price rally driven by strength in soyoil and the

broader energy market, though weak demand continued to limit

gains.

Corn rose on uncertainty around U.S. Midwest crop weather,

while wheat also edged higher.

FUNDAMENTALS

* The most-active soybean contract dipped 0.21% to

$10.72 per bushel, as of 0155 GMT.

* Corn rose 0.17% to $4.32 a bushel, while wheat

climbed 0.73% to $5.53 a bushel.

* Gains in the energy market, driven by tensions between

Israel and Iran, have lent support to agricultural commodities

like soybeans and corn. Higher crude oil prices enhance the

appeal of soyoil and corn as biofuel feedstocks.

* Market participants are closely watching developments in

U.S. biofuel policy. A tax bill proposed by Senate Republicans

on Monday would extend a clean fuel tax credit through 2031, but

reduce 20% of the credit value for biofuels made from feedstocks

produced outside the United States.

* In top producer Brazil, soy exports are forecast to reach

14.37 million tons in June, up from 14.08 million tons in the

previous week, according to Anec, a Brazilian trade group

representing grain exporters.

* Wheat futures found some support after the U.S. Department

of Agriculture reported that the winter wheat harvest was 10%

complete, lagging the five-year average of 16%.

* Uncertainty about U.S. crop conditions bolstered new crop

corn futures, analysts said, as traders await clearer weather

forecasts.

* Commodity funds were net buyers of Chicago Board of Trade

wheat, corn, soybean, soymeal and soyoil futures contracts on

Tuesday, traders said.

MARKET NEWS

The U.S. dollar advanced against major currencies on

Tuesday, as softer U.S. economic data and geopolitical tensions

in the Middle East following an Israeli attack on Iran kept

investors on edge ahead of the Federal Reserve's decision on

interest rates on Wednesday.

DATA/EVENTS (GMT)

0600 UK Core CPI, CPI YY May

0600 UK CPI Services MM, YY May

0900 EU HICP Final MM, YY May

1230 US Housing Starts Number May

1230 US Initial Jobless Clm 14 Jun, w/e