Chicago corn falls below $4 on beneficial weather, soy and wheat up

* Corn down on lack of weather threats, some farmer selling * Wheat and soy tick up during choppy trade By Heather Schlitz CHICAGO, July 31 - Chicago December corn futures settled below $4 and hit a contract low on Wednesday as favorable U.S. crop prospects weighed and farmers began selling their hefty supplies of old crop corn, traders said. Wheat stabilized as a poor harvest in France lent support to prices, though seasonal supply pressure from northern hemisphere harvests have continued to pressure the market. The November soybean contract earlier set a new contract low of $10.15, hitting its lowest level on the continuous chart since September 2020. CBOT corn ended down 5-1/4 cents at $3.99-3/4 per bushel, close to its end-June low of $3.99-1/2 that was its weakest price since November 2020. CBOT wheat settled up 3-1/4 cents at $5.27-1/4 per bushel, though competitively priced Russian wheat and a strong U.S. crop will keep a lid on prices, traders said. A lack of weather threats and beneficial rainy weather are expected to continue pressuring corn and soy prices.