Wheat retreats from 10-month highs as investors lock profits

News Snapshot:

CANBERRA, May 29 (Reuters) - Chicago wheat futures fell on Wednesday as forecasts for rain in parched Russian sowing areas led to investors locking in profits after prices surged to a 10-month high. Soybean futures also slipped amid ample supply from South America and corn dipped as the U.S. planting weather improved. FUNDAMENTALS * The most-active wheat contract on the Chicago Board of Trade (CBOT) was down 1% at $6.93-1/4 a bushel, as of 0039 GMT, after rising to $7.20 on Tuesday, its highest since July. * CBOT soybeans slipped 0.5% to $12.23-1/4 a bushel and corn was 0.4% lower...