* White House ponders biofuel blending relief for oil
* Rains in parts of the Midwest, Northern Plains aid crops
* Spring wheat futures guide wheat markets lower
(Rewrites throughout with U.S. market open, adds analyst
comment, updates prices, changes dateline from PARIS/CANBERRA)
CHICAGO, June 11 (Reuters) - U.S. corn and soybean futures
eased and soyoil futures plunged by their daily trading limit on
Friday on concerns about demand for renewable fuel feedstocks
after news the White House was considering offering fuel
refiners relief from biofuel blending mandates.
The Reuters report that the U.S. Environmental Protection
Agency was pondering ways to provide relief to oil refiners
accelerated end-of-week profit-taking pressure as forecasters
called for some crop-boosting rains in parts of the U.S. Midwest
and Northern Plains.
"The biofuel news spooked the market, you've got some rains
in the Dakotas ... and the palm oil was down 4% to 5% overnight.
That is all weighing on it," said Craig Turner, senior ag broker
at Daniels Trading.
Chicago Board of Trade July soybeans were down 31-1/2
cents at $15.12-1/2 a bushel by 10:38 a.m. CDT (1538 GMT) and
July corn was down 14 cents at $6.85 a bushel.
July soyoil futures dropped by as much as the daily
3.5-cent trading limit and were down 3.30 cents at 67.16 cents
Ahead of an eagerly awaited U.S. corn and soy acreage report
due at the end of the month, grain markets will focus on weather
in the United States and in South America, where drought has cut
corn production in Brazil but good weather has boosted the
Wheat futures also eased on Friday, led by sharply lower
spring wheat prices after recent rains in top producer North
CBOT July wheat fell 1/2 cent to $6.83-1/4 a bushel
and K.C. July hard red winter wheat was 1 cent lower at
$6.39-1/4. Minneapolis spring wheat for July delivery
was 11-1/2 cents lower at $7.64 a bushel.
(Reporting by Karl Plume in Chicago
Additional reporting by Gus Trompiz in Paris and Colin Packham
Editing by Pravin Char and Matthew Lewis)