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GRAINS-Wheat prices ease for 2nd session on ample world supply, corn firms

SINGAPORE, June 24 (Reuters) - Chicago wheat futures slid for a second session on Monday, with prices under pressure from expectations of abundant global supplies in the coming season amid near record production in the Black Sea region. Corn ticked higher on concerns over wet weather preventing U.S. farmers from planting the crop. FUNDAMENTALS * The Chicago Board of Trade most-active wheat contract had fallen 0.4% to $5.28-3/4 a bushel by 0116 GMT, after closing marginally lower on Friday. * Corn added 0.5% to $4.44-1/4 a bushel, while soybeans gained 0.2% to $9.04-1/4 a bushel. * Russia, the world's top wheat exporter, is expected to produce a bumper crop which will hit the market next month. * Argentine farmers are expected to plant 6.5 million hectares of wheat in the 2019/20 season, the government said in a report on Friday, citing good rainfall as the reason for the increase from its previous forecast of 6.46 million hectares. * Farm office FranceAgriMer estimated in a weekly report on Friday that 80% of French soft wheat crops were in good or excellent condition in the week ending June 17, unchanged from a week earlier. * In the corn and soybean markets, the focus is on weekly crop progress report to be issued by the U.S. Department of Agriculture later on Monday. * Traders remain nervous about the potential for reduced U.S. corn and soybean yields after late plantings. The crops face an increased risk for damage from hot weather during key development periods this summer and from an early autumn frost. MARKET NEWS * Asian shares were off to a cautious start on Monday as investors pinned their hopes on any signs of a thaw in Sino-U.S. trade negotiations while oil prices firmed on worries over heightened tensions between the United States and Iran. DATA AHEAD (GMT) 0400 Indonesia Trade Balance May 0800 Germany Ifo Business Climate New June 0800 Germany Ifo Current Conditions New June 0800 Germany Ifo Expectations New June 1330 Brazil Current Account May 1330 Brazil Foreign Direct Investment May Grains prices at 0116 GMT Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 528.75 -2.00 -0.38% +0.43% 500.03 57 CBOT corn 444.25 2.00 +0.45% -1.28% 416.07 61 CBOT soy 904.25 1.50 +0.17% -1.23% 864.91 61 CBOT rice 11.28 -$0.02 -0.13% +0.49% $11.45 35 WTI crude 57.75 $0.32 +0.56% +1.94% $56.71 Currencies Euro/dlr $1.138 $0.001 +0.12% +0.79% USD/AUD 0.6946 0.002 +0.33% +0.35% Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential (Reporting by Naveen Thukral; Editing by Joseph Radford)

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