UPDATE 2-US corn, soy drop on profit-taking, better weather

(New throughout; updates with U.S. prices, changes byline and dateline from previous TOKYO)

By Julie Ingwersen

CHICAGO, April 11 (Reuters) - U.S. corn and soy prices were lower at midday on Friday as traders took profits ahead of the weekend and on expectations of improved planting weather in the U.S. Corn Belt next week, traders said.

Grains were joining a broader sell-off in commodities that included gold and crude oil.

"We're experiencing a pre-weekend bailout of a lot of commodities today. It seems to be a sector-wide trimming of long positions," said analyst Gavin Maguire of Iowa Grain.

Corn futures on the Chicago Board of Trade soared to all-time highs this week as wet, cold weather delayed field work and early planting in the Midwest, raising concern that the corn crop would get off to a late start.

But forecasts for next week called for mostly clear weather that should help saturated fields dry out.

"Planting weather seems to be shaping up next week. The cold and wet seems to be giving away to brighter and breezier conditions, so field work looks like it could start," Maguire said.

Farmers had hoped for an early start on planting to maximize yield potential, especially after the U.S. Department of Agriculture on March 31 projected an 8 percent drop in corn seedings for 2008.