Wheat futures fall for second day with Russian crop in focus

* Wheat falls on profit taking and Russian rain

* Corn dips on falling wheat prices

* Soy falls on speedy planting and decreased competitiveness

(Changes byline, changes dateline from PARIS to CHICAGO, changes prices, updates throughout, adds bullet points)

CHICAGO, May 31 (Reuters) - Chicago wheat futures turned lower for a second session on Friday, as news of potentially beneficial rain in Russia dented prices and traders sought profits after a rally earlier in the week.

Forecasts of cuts to Russia's wheat harvest due to persistent drought and frost pushed prices to a 10-month high of $7.20 a bushel this week. But by Friday, traders were less concerned about how much relief the well-timed rains might give the country's crop, analysts said.

"The Russian wheat story is running its course, and we're going to have to see a new element to keep momentum going," said Brian Splitt, co-founder of AgMarket. "The weather can only stay bullish for so long."

Corn and soybean futures also eased, as investors adjusted month-end positions as weekly grain export sales fell in line with trade expectations and U.S. inflation data showed no worrying signs of fresh upward momentum last month.

The most-active wheat contract on the Chicago Board of Trade (CBOT) was down 5-1/4 cents to $6.75-3/4 a bushel by 1545 GMT.

CBOT soybeans were down 2-1/4 cents at $12.07 a bushel while corn was down 1/4 cent at $4.48-3/4 a bushel having touched a four-week low in the previous session.

U.S. farmers have made steady progress in planting corn and soybeans in between showers, and the rain could help early growth of this year's crops.

However, predictions of a record-warm summer in 2024 as well as other weather risks being priced into the market may be adding support to corn and soy futures, traders said.

Speedy soybean sales from Argentina weighed on Chicago soy futures while falling wheat prices hung over corn futures. (Reporting by Heather Schlitz in Chicago. Additional reporting by Gus Trompiz in Paris and Peter Hobson in Canberra; Editing by Rashmi Aich, Kirsten Donovan)