SINGAPORE, July 6 (Reuters) - Chicago wheat futures slid on Thursday as the market took a breather after the previous session's strong gains, although the decline was limited by the slow pace of U.S. winter harvesting and deteriorating spring crop conditions.
Soybeans edged higher while corn gained more ground.
FUNDAMENTALS
* The most-active wheat contract on the Chicago Board of Trade (CBOT) fell 0.7% to $6.69-1/2 a bushel, as of 0037 GMT. Soybeans gave up 0.7% to $13.46-1/4 a bushel and corn added 0.3% to 4.95 a bushel.
* Wheat gained more than 5% on Wednesday after the U.S. Department of Agriculture (USDA) said just 37% of the winter crop was harvested as of Sunday, versus 52% last year. The agency also unexpectedly cut its spring wheat rating as rains failed to improve conditions.
* The USDA rated 51% of U.S. corn in good-to-excellent condition, up a point from the prior week. Soybean conditions, however, fell by a point.
* Ratings for both crops have been declining for several weeks due to an expanding Midwest drought.
* A reduced chance of a "very strong" version of the El Niño weather phenomenon later this year should offer some relief to agricultural producers in Argentina, the Rosario Stock Exchange (BCR) said on Wednesday.
* Commodity funds were net buyers of CBOT wheat, corn, soybean and soyoil futures contracts on Wednesday, and net sellers of soymeal futures, traders said.
MARKET NEWS
* MSCI's global equities index lost ground on Wednesday after weaker-than-expected overseas data and as investors monitored a heating up of American-Chinese trade tensions while they awaited upcoming U.S. economic data and second-quarter earnings.
DATA/EVENTS (GMT) 0600 Germany Industrial Orders MM May 0600 Germany Manufacturing O/P Cur Price SA May 0600 Germany Consumer Goods SA May 0730 EU HCOB Construction PMI June 0730 Germany HCOB Construction PMI June 0730 France HCOB Construction PMI June 0830 UK All-Sector PMI June 0830 UK S&P Global/CIPS Cons PMI June 0900 EU Retail Sales MM, YY May 1215 US ADP National Employment June 1230 US International Trade May 1230 US Initial Jobless Clm Weekly 1230 US Cont Jobless Clm Weekly 1345 US S&P Global Comp, Svcs Final PMIs June 1400 US ISM N-Mfg PMI June 1400 US JOLTS Job Openings May (Reporting by Naveen Thukral; Editing by Krishna Chandra Eluri)
