GRAINS-Soybeans slip amid tariffs and plentiful South American supply

CANBERRA, April 16 (Reuters) - Chicago soybean futures fell for a third session on Wednesday, slipping further from Monday's seven-week high amid strong supply from South America and as tariffs strangle Chinese demand for U.S. beans.

Corn and wheat futures were little changed as the U.S. dollar weakened again, making U.S. exports more competitive.

FUNDAMENTALS

* The most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 was down 0.4% at $10.32-1/4 a bushel at 0056 GMT after moving as high as $10.49-1/2 on Monday.

* CBOT corn Cv1 was flat at $4.81-1/4 a bushel and wheat Wv1 was down 0.1% at $5.41-1/4 a bushel.

* The dollar index .DXY was down 0.3%, reversing some of Tuesday's gains and moving back towards three-year lows reached after U.S. President Donald Trump unleashed his tariff policies. USD/ MKTS/GLOB

* China, by far the world's biggest buyer of soybeans, has imposed counter-tariffs on the United States that effectively prohibit crop imports.

* Brazil is wrapping up a massive soybean harvest, and traders think efforts by the Argentinian government to stimulate exports could result in larger soy shipments from the country.

* In the United States, the national soybean crush in March fell below most trade estimates, with the average daily processing pace declining for a third straight month, industry data showed.

* In other crops, wheat is under pressure from weather forecasts predicting much-needed rain in the coming days in the U.S. Plains.

* India is likely to see above-average monsoon rains for the second straight year in 2025, the government said, raising expectations of higher farm output.

* France's farm ministry raised its estimate of the area sown with winter soft wheat for the 2025 harvest to 4.61 million hectares from 4.57 million.

* Argentina's 2025/26 wheat harvest is set to grow by 10.2% to 20.5 million metric tons this year, the head of economic studies at the Buenos Aires grains exchange said.

* A cold snap with deep frost and snow in Ukraine in early April has practically stopped the development of grain crops, Ukrainian state meteorologists were quoted as saying.

MARKETS NEWS

* Some trade policy relief and strong bank earnings were not enough to keep Wall Street from pushing U.S. stocks down slightly on Tuesday, although U.S. government bonds and the dollar regained some ground after sharp declines last week. MKTS/GLOB