* Corn rises 1% as dry weather in parts of U.S. Midwest
* Global edible oil prices jump, U.S. soyoil hits 10-year
CHICAGO, June 3 (Reuters) - Chicago soybean and corn futures
eased on Thursday as traders monitored U.S. weather forecasts
for hot, dry conditions that could threaten newly planted crops,
though the impact remains uncertain, traders said.
Soybeans were underpinned by supply concerns that pushed
world edible oil prices higher, with soybean oil hitting its
highest in a decade.
The most-active soybean contract on the Chicago Board of
Trade fell 14-1/4 cents to $15.48-1/4 per bushel as of
12:11 p.m. (1711 GMT), while new-crop November soybeans
dipped 11-3/4 cents to $14.02.
CBOT's most-active corn was 19-1/4 cents lower at
$6.55-3/4 per bushel, while new-crop December corn eased
12-1/4 cents to $5.60-1/4.
The most-active soybean oil futures contract was down
1.33 cents at 69.05 cents per lb., after hitting 72.13 cents,
its highest since 2011.
CBOT wheat eased 16-1/2 cents to $6.71 per bushel.
Hot and dry weather in parts of the U.S. Midwest caused
concern for newly planted corn and soybean crops, though it's
too early to assess any damage.
"Were drifting, looking for overall direction. We have a
very well-rated corn crop and likely a very good bean crop,
versus a little bit of a threatening forecast warmer, dryer
temperatures," said Ted Seifried, vice president of Zaner Group.
Slower soybean planting progress is also supporting the
market, Seifried said, as analysts await the U.S. Department of
Agriculture's June 30 acreage report.
"Were not ripping in these beans quite as fast as we put in
the corn," he said.
Global corn and soybean stocks are in focus as Brazil
struggles with its worst water crisis in almost a century,
impacting crops and river navigation in the world's largest
exporter of commodities ranging from corn and soybeans to coffee
"I think the reality of the tightness in the bean market has
come back into play, and beans had a little catching up to do. I
think theyre well supported," said Chuck Shelby, president of
Risk Management Commodities.
Wheat followed corn lower, though dryness and above-average
temperatures across the U.S. Plains offered support.
In Russia, Deputy Prime Minister Victoria Abramchenko told
Reuters that the country's new formula-based grain export taxes
would remain in place as long as there is increased global
demand for food.
(Reporting by Christopher Walljasper; additional reporting by
Naveen Thukral; editing by Jonathan Oatis and Barbara Lewis)