* Dollar firm, equities/oil down as yuan impact seen limited
* Corn/soy weather more favourable, crop ratings as expected
* Soybeans supported by tight old-crop supplies
* For short-term technical view, click on
(Updates with European trading, previous SINGAPORE)
By Gus Trompiz and Naveen Thukral
PARIS/SINGAPORE, June 22 (Reuters) - Chicago grain and soybean futures eased on Tuesday, pressured by a broad pullback in markets as investors took a more cautious view on a move by China to allow its currency greater flexibility.
A lack of bullish news encouraged selling in wheat after strong grains last week, while favourable weather in a swathe of the U.S. Midwest also kept corn and soybean prices in check.
"I don't see a whole lot fundamentally that can pull wheat up, so the wheat rally is starting to come to an end," said Scott Briggs, agricultural commodity strategist at ANZ in Melbourne.
"Wheat has been pretty strong and probably has come to a point that it has become attractive to sell."
Last week, front-month Chicago Board of Trade wheat rose 4.8 percent in its best weekly performance since mid-April as traders remained fixated on heavy rains disrupting planting on millions of acres in the Canadian Prairies.
Weaker outside markets encouraged selling of grains, with crude oil falling more than 1 percent to below $77 and world shares breaking a 10-day rising run.
China's weekend announcement that it would let the yuan have more flexibility was initially welcomed as a signal the currency would appreciate and boost Chinese purchasing power in commodities like grains.
But analysts stressed the gradual pace of revaluation signalled by China would have only a modest impact on commodity markets.
WHEAT FALLS
Chicago Board of Trade July wheat fell 1.30 percent to $4.56 a bushel by 1123 GMT after ending little changed on Monday following a choppy session.
In Europe, milling wheat futures in Paris also eased, having failed to break resistance on Monday amid hesitant pre-harvest trading. Benchmark November wheat was down 0.35 percent at 140.50 euros a tonne.
CBOT July corn eased 1.06 percent to $3.51-1/4 a bushel, after slipping 1.6 percent on Monday as a recent rally prompted a wave of farmer selling.
The July soybean contract edged down 0.13 percent to $9.62 a bushel, with the market underpinned by tight old-crop supplies.
Analysts said old-crop soybeans are likely to rise to around $10-$10.25 a bushel on tight supplies in the U.S. market.
"I can see beans still rallying just above 10 bucks," said Briggs. "In wheat and corn, I can see some heavy resistance coming in, but in beans we don't see that coming until about $10.00 to $10.25 for the August contract."
CBOT August delivery soybeans were quoted virtually unchanged at $9.56-1/2.
U.S. corn and soybean plants were benefiting from greenhouse-like conditions created by heavy rains and warm temperatures that blanketed the upper Midwest over the weekend.
So far, U.S. corn and soybean crop ratings are above normal given the great start to the 2010 growing season when a warm, dry spring promoted early planting.
Latest weekly crop progress data from the U.S. Department of Agriculture showed a fall in ratings but this was broadly in line with expectations after rains last week. * Prices as of 1123 GMT Product Last Change Percent Move End 2009 Ytd Percent CBOT wheat 456.00 -6.00 -1.30 541.50 -15.79 CBOT corn 351.25 -3.75 -1.06 414.50 -15.26 CBOT soybeans 962.00 -1.25 -0.13 1039.75 -7.48 CBOT rice 10.68 0.00 +0.00 14.57 -26.70 Paris maize 153.25 0.00 +0.00 135.00 13.52 Paris rapeseed 327.25 -0.25 -0.08 287.50 13.83 Crude oil 76.65 -1.17 -1.50 79.36 -3.41 Euro/dlr 1.23 -0.12 -9.22 1.43 -14.33 * Front month contracts. CBOT contracts in cents per bushel except rice which is in dollars per hundredweight. Paris futures in euros a tonne. (Editing by Anthony Barker)