GRAINS-Chicago soybeans dip on favourable weather, weak soyoil prices

BEIJING, June 24 (Reuters) - Chicago soybean futures edged lower on Tuesday, weighed by favourable U.S. weather conditions and falling soyoil prices after U.S. President Donald Trump said a ceasefire has been agreed on between Iran and Israel, reducing concerns over potential crude oil supply disruptions.

Wheat also declined, pressured by benign weather and harvest pressure, while corn slipped to a fresh low for the year.

FUNDAMENTALS

* The most-active soybean contract fell 0.14% to $10.45-2/8 per bushel, as of 0128 GMT. Soyoil dropped 1.2% to 52.6 cents per pound.

* Wheat slid 0.79% to $5.65 a bushel, while corn eased 0.12% to $4.18-6/8 a bushel, the lowest level in 2025.

* Oil prices tumbled on Tuesday to their lowest level in more than a week after President Trump's ceasefire announcement. Soyoil tends to track crude oil prices because it is used in biofuel as a substitute for fossil fuel.

* Recent rains in the Midwest improved soil moisture ahead of a weekend heat wave.

* Warm, wet weather is expected in the coming weeks -ideal for crop growth in the U.S. corn belt, analysts said.

* U.S. corn ratings worsened over the past week but remained the best in five years for this time of year, according to U.S. government data.

* Soybean crop ratings held steady at 66% good to excellent, but slightly below analyst expectations. Planting was 96% finished as of Sunday, USDA said.

* Wheat conditions also fell below expectations - 49% of the winter crop and 54% of the spring crop rated good to excellent.

* Harvest pressure continues - the winter wheat crop harvest accelerated to 19% complete, up from 10% last week and just below the average analyst estimate of 20%.

* Favourable harvest conditions in the U.S. Plains supported winter wheat cutting, while spring wheat benefited from rains in the north, according to weather forecaster Vaisala.

* Commodity funds were net sellers of Chicago Board of Trade wheat, corn, soybean, soymeal and soyoil futures contracts on Monday, traders said.

MARKET NEWS

Wall Street futures rose and the dollar eased in Asia on Tuesday after President Trump said Iran and Israel had agreed to a ceasefire, sending oil prices into a deep dive as concerns over supply disruptions ebbed.

DATA/EVENTS (GMT)

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1400 US Consumer Confidence Jun (Reporting by Ella Cao and Lewis Jackson; Editing by Janane Venkatraman)