GRAINS-Chicago soybeans, corn drop on prospects of large US crops, favourable weather

BEIJING, July 29 (Reuters) - Chicago soybean and corn futures fell on Tuesday, pressured by expectations of large U.S. harvests amid benign weather across the Midwest.

Wheat eased on ample global supply.

FUNDAMENTALS

* The most-active soybean contract on the Chicago Board of Trade (CBOT) slipped 0.2% to $10.09-4/8 per bushel by 0102 GMT, heading for a third consecutive session of losses.

* Corn fell 0.25% to $3.93 a bushel, while wheat edged down 0.28% to $5.37 a bushel.

* Forecasts for cooler weather and timely rains this week in the U.S. crop belt reinforced expectations for bumper yields, pressuring corn and soybean futures.

* Wheat remained under pressure from ongoing harvests across the Northern Hemisphere.

* The U.S. Department of Agriculture rated 73% of the U.S. corn crop in good to excellent condition, the highest rating for this time of the year since 2016.

* Soybean ratings unexpectedly improved, with the USDA rating 70% of the crop good to excellent, up from 68% last week.

* The USDA also reported private sales of 225,000 metric tons of U.S. corn to Mexico for shipment in the 2025/26 marketing year.

* In Argentina, exports of soybeans and their byproducts are set to resume once the government formalises a tax cut. Argentina is the world's No. 3 corn exporter and the largest supplier of soymeal and soyoil.

* On trade, top U.S. and Chinese economic officials met in Stockholm on Monday for more than five hours of talks aimed at resolving longstanding economic disputes at the centre of a trade war between the world's top two economies, seeking to extend a truce by three months.

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

MARKET NEWS

* The dollar rose against the euro and yen on Monday as markets were buoyed by a trade agreement between the U.S. and the EU, which brought some market certainty and averted a global trade war.

DATA/EVENTS (GMT)

1000 France Unemp Class-A SA June

1400 US Consumer Confidence July

(Reporting by Ella Cao and Lewis Jackson; Editing by Subhranshu Sahu)