GRAINS-Corn, wheat, soybeans slip after weather-fuelled surge

    * Corn, wheat, soybeans fall sharply
    * Focus still on crop weather as corn, soy stocks ebb

 (Updates with European trading, changes byline/dateline)
    By Gus Trompiz and Naveen Thukral
    PARIS/SINGAPORE, April 28 (Reuters) - Chicago corn, wheat and soybean
futures fell on Wednesday, retreating from eight-year highs struck a day earlier
as the market assessed the extent of weather risks that had fanned the recent
run-up in prices.
    Analysts said there was profit-taking after strong investment fund flows
into grains, encouraged by signs of improving crop weather in the U.S. Midwest.
    "There is a realisation that there is plenty of time to grow crops in the
United States," said Ole Houe, director of advisory services at brokerage IKON
Commodities in Sydney.
    "The current supply and demand situation does not warrant $7-bushel corn.
The last 100 cents are speculators driving the market."
    The chief executive of agribusiness group Archer Daniels Midland Co
said on Tuesday he expects U.S. corn and soybean plantings to rise by about 5
million acres combined versus a government forecast. 
    The most-active corn contract on the Chicago Board of Trade  (CBOT)
was down 1.3% at $6.45-3/4 a bushel by 1126 GMT, after hitting an eight-year top
at $6.84 on Tuesday.
    Corn, wheat and soybeans had already ended lower on Tuesday as the rally
lost momentum following the intraday peaks.
    Commodity funds were net sellers of CBOT soybeans, soymeal, wheat and corn
futures contracts on Tuesday and net even for soyoil futures contracts, traders
    Corn has been at the centre of the grain rally. Cold planting weather in the
United States and dry growing conditions in southern Brazil have cast doubts
over harvest prospects in the world's top exporters at a time of tight supplies.
    Southern Brazil is forecast to stay dry into early May, but an expected
warming of temperatures along with showers in the U.S. Midwest could help
planting and early crop development.
    CBOT wheat dropped 1.9% to $7.18-3/4 a bushel, while soybeans
were down 1.0% at $15.05 a bushel.
    Tuesday's cancellation of a wheat import tender by Egypt was seen by traders
as a sign that high prices were discouraging buyers. 
    In soybeans, U.S.-based meat processor Perdue is shipping one cargo of
31,450 tonnes of Brazilian supplies into the United States, according to
shipping data, as U.S. stocks dwindle.
 Prices at 1126 GMT                                                 
                               Last  Change    Pct      End  Ytd Pct
                                              Move     2020     Move
  CBOT wheat                 718.75  -14.00  -1.91   640.50    12.22
  CBOT corn                  645.75   -8.75  -1.34   484.00    33.42
  CBOT soy                  1505.00  -14.50  -0.95  1311.00    14.80
  Paris wheat May            245.25   -2.00  -0.81   210.50    16.51
  Paris maize Jun            233.75   -2.50  -1.06   198.75    17.61
  Paris rape May             590.00   -2.00  -0.34   412.00    43.20
  WTI crude oil               63.38    0.44   0.70    48.52    30.63
  Euro/dlr                     1.21    0.00  -0.19   1.2100    -0.27
 Most active contracts - Wheat, corn and soy US cents/bushel, Paris
 futures in euros per tonne

 (Reporting by Gus Trompiz in Paris and Naveen Thukral in Singapore; additional
reporting by Colin Packham in Canberra; Editing by Subhranshu Sahu and David