GRAINS-Corn consolidates but on track for biggest monthly gain in two years

* Corn up nearly 15% in April after 8-year high * Market assesses U.S. planting, drought threat to Brazil crops * Wheat lower after tracking corn rally this month * Soybeans ease with veg oils (Updates with European trading, changes byline/dateline) By Gus Trompiz and Colin Packham PARIS/CANBERRA, April 30 (Reuters) - Chicago corn futures edged down on Friday, consolidating after a weather-fuelled rally but still poised to end April with the biggest monthly gain in two years. Wheat and soybeans also eased after gains this month in which they reached eight-year highs, like corn. A firmer dollar, end-of-month profit-taking and forecast rain in the U.S. Midwest were curbing grain prices after a rally marked by concerns over adverse weather and tightening supply, traders said. The most-active corn futures on the Chicago Board of Trade were down 0.2% at $6.47-1/4 a bushel by the end of the overnight session. The contract was up nearly 15% over April, the biggest monthly gain since May 2019, after setting a near 8-year high of $6.84 this week. A chilly start to the growing season in the U.S. Midwest and drought in southern Brazil have exacerbated worries about global supply as Chinese demand is set to increase. Expected rain should improve moisture for early corn growth in the United States in the next two weeks, although cool temperatures next week could slow germination, the Commodity Weather Group said in a note. In Brazil, where southern regions are set to stay dry into early May, 60% of the country's second annual corn crop was facing "major yield loss", it said. The International Grains Council, meanwhile, on Thursday trimmed its forecast for global corn production in 2021/22, with a cut in the crop outlook for the United States. "The market is tightening. Demand is strong and the market is still trying to figure out production in South America and the U.S.," said a Melbourne-based grains trader. CBOT soybean futures were down 0.6% at $14.93-1/2 a bushel, partly curbed by a drop in vegetable oil prices, but were on course for an 11th straight monthly gain. CBOT wheat was down 1.5% at $7.17-3/4 a bushel but heading for a 16% monthly rise. Prices at 1253 GMT Last Change Pct End Ytd Pct Move 2020 Move CBOT wheat 717.75 -11.25 -1.54 640.50 12.06 CBOT corn 647.25 -1.00 -0.15 484.00 33.73 CBOT soy 1493.50 -8.75 -0.58 1311.00 13.92 Paris wheat May 257.00 5.75 2.29 210.50 22.09 Paris maize Jun 239.25 2.50 1.06 198.75 20.38 Paris rape May 660.00 -21.25 -3.12 412.00 60.19 WTI crude oil 63.53 -1.48 -2.28 48.52 30.94 Euro/dlr 1.21 0.00 -0.28 1.2100 -0.13 Most active contracts - Wheat, corn and soy US cents/bushel, Paris futures in euros per tonne (Reporting by Gus Trompiz in Paris and Colin Packham in Canberra; Editing by Kirsten Donovan)

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