GRAINS-Soy, corn ease in light trade ahead of holiday weekend

* Spot soybeans edge lower after 6 sessions of gains
    * Corn, wheat decline in profit-taking setback
    * All three remain on pace for weekly gains
    * CBOT futures market closed on Monday for Memorial Day

 (Rewrites throughout, updates prices, changes byline, changes
dateline from AMSTERDAM/SYDNEY)
    By Karl Plume
    CHICAGO, May 24 (Reuters) - U.S. soybean futures slipped
lower on Friday for the first time in seven sessions and corn
eased after two days of gains as investors squared ahead the
long Memorial Day holiday weekend.
    Wheat prices declined in a profit-taking setback following a
2 percent surge a day earlier and as rains forecast for the southern Plains wheat belt this weekend could boost yields slightly in the nearly mature crop. Volatile price moves on Thursday left some traders weary so trading volume was light. Chicago Board of Trade futures markets will be closed on Monday. "We have a three-day weekend in front of us and there's a bit of fatigue after Thursday's price action, the big rejection of prices on soybeans. That might have shocked a few traders and moved them to the sidelines today," said Rich Nelson, chief strategist with Allendale Inc. He was referring to an uncommonly wide trading range of nearly 60 cents a day earlier and a steep late-session spike followed by a rapid retreat. The whipsaw price moves also spilled over to corn and wheat. CBOT July soybeans fell 5-1/4 cents, or 0.4 percent, to $14.94-1/4 per bushel by 10:24 a.m. CDT (1524 GMT), encountering chart resistance near the $15.00 level. New-crop contracts edged higher on short covering, with November up 6-1/4 cents, or 0.5 percent, at $12.49-1/4. Soybeans were on course for a fourth straight weekly advance, adding more than 3 percent in the week. CBOT July corn dipped 1 cent to $6.61 a bushel but
remained on pace for a second consecutive weekly gain of more than 1 percent. CBOT July wheat shed 4 cents, or 0.6 percent, to $6.99-1/4 a bushel but was poised for a 2 percent weekly gain, its first in three weeks. (Editing by Sofina Mirza-Reid)



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