SINGAPORE, June 22 (Reuters) - Chicago corn futures inched lower in early Asian trade on Thursday, as traders locked in profits after a recent rally over concerns about dry weather conditions in key areas of the U.S. Midwest.

Soybean and wheat futures were also headed for losses.

FUNDAMENTALS

* Corn futures were down 0.5% at $6.25-1/2 a bushel, as of 0144 GMT, after hitting a more than two-month high in the previous session.

* The most-active soybean contract on the Chicago Board of Trade (CBOT) was down 0.6% at $13.69-1/4 a bushel, and wheat futures gave up 0.1% at $7.47-1/2 a bushel after hitting their highest since late-February on Wednesday.

* The U.S. Department of Agriculture cut its corn and soy crop ratings more than expected on Tuesday, including steep drops in top-producing states Iowa and Illinois, as a deepening drought stressed crops in the heart of the Midwest farm belt.

* Argentina became the second main destination for Brazilian soybeans in the first five months of 2023, as it had to boost imports in response to a historic drought that severely affected its crop.

* Taiwan's MFIG purchasing group bought about 65,000 metric tonnes of animal feed corn expected to be sourced from Brazil in an international tender on Wednesday, European traders said.

* An importer group in Thailand was believed to have purchased about 55,000 metric tonnes of animal feed wheat expected to be sourced from the Black Sea region or Australia, European traders said on Wednesday.

* Commodity funds were net buyers of CBOT corn, soybean, wheat and soymeal futures contracts on Wednesday and net sellers of soyoil, traders said.

MARKET NEWS

* Global stock indexes fell on Wednesday as Federal Reserve Chair Jerome Powell said the fight to lower inflation still has a "long way" to go, while grains prices jumped on worries about crop shortfalls around the globe.

DATA/EVENTS (GMT) 0500 Japan Chain Store Sales YY May 0645 France Business Climate Mfg June 0645 France Business Climate Overall June 1100 UK BOE Bank Rate June 1230 US Initial Jobless Clm weekly 1400 EU Consumer Confidence Flash June 1400 US Existing Home Sales May 1400 Federal Reserve Chair Jerome Powell delivers semiannual monetary policy testimony before the U.S. Senate Banking Committee (Reporting by Matthew Chye; Editing by Subhranshu Sahu)