* Dry weather in U.S. Midwest to speed up corn seeding - CBA
* Soy rebounds after 2-day drop; wheat steadies near lows
(Adds comment, China's corn planting, updates prices)
By Manolo Serapio Jr
MANILA, April 19 U.S. corn futures slipped to
their lowest in one and a half weeks on Wednesday amid
expectations of dry weather in the country's corn belt that will
allow farmers to speed up seeding.
Soybeans bounced back from a two-day decline, while wheat
steadied near recent lows.
Corn for May delivery on the Chicago Board of Trade
fell as far as $3.60-1/2 a bushel earlier in the Asian session,
before turning flat at $3.61-1/2 by 0215 GMT.
"Showery conditions are still expected to interrupt field
work across the Midwest - and particularly the lower Midwest -
for the next ten days or so," Commonwealth Bank of Australia
analyst Tobin Gorey said in a note.
But forecasters are now looking at drier weather at the end
of April or start of May in the U.S. Midwest which should allow
farmers to make better progress with fieldwork, Gorey said.
In China, farmers will plant less corn this season,
resulting in the smallest crop in six years, as the world's top
grains producer seeks to trim its huge corn glut and boost
production of soybeans, according to a Reuters poll of analysts.
Chicago soybeans advanced 0.3 percent to $9.48-3/4 a
bushel after a two-day drop that traders had blamed on worries
over demand following the release of disappointing U.S. export
data and a bearish monthly crush report on Monday.
The National Oilseed Processors Association said U.S.
processors crushed fewer soybeans than expected during March at
153.060 million bushels.
Wheat slipped 0.2 percent to $4.21-3/4 per bushel.
While "the market appeared to find a small seam of late
buying" after wheat recently dipped below the $4.35 level,
prices remain near season lows due to the weight of global
supply, said CBA's Gorey.
Elsewhere in Asia, oil prices slipped, but sterling climbed
to more than six-month highs amid speculation Britain's surprise
decision to call a snap election could ultimately deliver a more
market-friendly outcome in its divorce from the European Union.
(Reporting by Manolo Serapio Jr.; Editing by Kenneth Maxwell)