GRAINS-US wheat down on strong Russian export competition

 CHICAGO (Reuters) - U.S. wheat futures fell for a
second consecutive day Wednesday as Russia, which lifts its
ban on grain exports in July, wasted no time offering its wheat
in a tender by the Lebanees government.
    Wheat prices shed 6.7 percent in the two-day plunge, the
steepest in nearly three weeks. Corn futures climbed 1.2
percent amid tight U.S. supplies. Some longer-term weather
forecasts indicated cooler-than-normal summer temperatures,
which also buoyed corn as this would slow crop development and
could hurt yields.
    Soybeans followed corn higher.
    ``We have some carry-over pressure in wheat today mainly
because of the Russian announcement over the weekend,'' said
Rich Nelson, analyst with Allendale Inc.
    ``Russia has already put in bids in that Lebanon tender. The
trade was kind of surprised at how quickly Russia looks to get
back into the export market.''
    Suppliers in Russia, formerly the world's No. 3 wheat
exporter before a severe drought forced it to ban exports last
August, aggressively offered wheat in a tender by Lebanon, with
prices about $70 per tonne below U.S. wheat offers.
    But dealers said wheat prices remained underpinned by
diminished crop prospects in western Europe, particularly
France, following a prolonged spell of dry weather.
    The International Grains Council last week trimmed its
global wheat production outlook to 667 million tonnes, below
anticipated consumption of 669 million tonnes.
    July wheat on the Chicago Board of Trade fell 1.8 percent
to a two-week low of $7.68-1/2 a bushel as of 10:25 a.m. CDT
(1525 GMT).
    Corn climbed modestly as concerns about late seeding this
spring turned to worries about crop development weather this
summer.
    The U.S. Agriculture Department on Tuesday said 86 percent
of the U.S. corn crop was planted as of Sunday, below the
five-year average of 95 percent. USDA also said 66 percent of
the crop was emerged, versus 77 percent on average.
    CBOT July corn rose 1.6 percent to $7.60 a bushel while
July soybeans climbed 0.9 percent to $13.88-1/2 per bushel.