GRAINS-Soybean futures extend losses on favorable US weather, weak demand

(Adds closing prices in paragraphs 5 and 11-12)

By Tom Polansek

CHICAGO, July 30 (Reuters) - Chicago Board of Trade soybean futures fell for the fourth consecutive session on Wednesday, dragged down by favourable weather across the U.S. Midwest and sluggish export demand, analysts said.

Wheat futures also weakened, while corn futures edged higher.

Forecasts for cooler temperatures and periodic rainfall in the Midwest bolstered expectations for big U.S. soy and corn harvests. Rain over the past week improved conditions for the crops, according to weather forecasting firm Vaisala.

"Most Midwestern crops remain well-watered," the U.S. Department of Agriculture said in a daily weather report.

Most-active soybean futures ended down 13-3/4 cents at $9.95-3/4 a bushel and set their lowest price since April 9.

Farmers are expected to harvest a sizable crop as U.S. export demand is under pressure from President Donald Trump's trade dispute with top importer China. U.S. and Chinese officials agreed to seek an extension of their 90-day tariff truce on Tuesday. China's appetite for soybeans is likely to weaken during the peak U.S. marketing season later this year, as record imports earlier in 2025 and tepid demand from animal feed producers have pushed up soymeal inventories at home, trade sources said.

CBOT soymeal futures set contract lows, while soyoil futures backpedaled from contract highs. In other demand news, Bangladesh approved the purchase of about 220,000 metric tons of U.S. wheat as part of efforts to cool trade tensions, a Dhaka official said. CBOT wheat ended down 6 cents at $5.23-3/4 per bushel, while K.C. wheat finished higher. CBOT corn closed 1-1/4 cents higher at $4.12-1/4 a bushel as short covering and technical buying helped to underpin prices, traders said. Asian demand for corn has also been brisk. On Thursday, the USDA is slated to issue weekly U.S. grain and soybean export sales data. The agency will likely raise its U.S. corn yield estimate in a monthly crop report due on August 12, traders said. They have already dialed in a yield above the agency's latest estimate for 181 bushels per acre.

(Reporting by Tom Polansek in Chicago. Additional reporting by Ella Cao and Lewis Jackson in Beijing and Sybille de La Hamaide in Paris. Editing by Mark Potter, Kirsten Donovan, Rod Nickel)