Soy, corn and wheat dip after no-tariff rally

CANBERRA, Jan 22 (Reuters) - Chicago corn, soybean and wheat futures dipped on Wednesday, after rallying in the previous session when Donald Trump's first full day as U.S. president passed without him following through on promises to impose tariffs on agricultural trade. Still, corn and soybeans were near multi-month highs, supported by dry conditions that threaten production in Argentina and rain in Brazil that is slowing the start of the soybean harvest. Wheat, however, was not far from last year's lows amid weak demand. FUNDAMENTALS * The most active corn contract on the Chicago Board of Trade (CBOT) was down 0.6% at $4.87-1/4 a bushel at 0249 GMT after rising to a 13-month high of $4.91 on Tuesday. * CBOT soybeans dipped 0.5% to $10.61-3/4 a bushel after reaching a 4-month high of $10.68 in the previous session. * Wheat fell 0.4% to $5.56-1/2 a bushel. Prices have struggled to rise far from last year's low of $5.14. * Traders said Tuesday's rally was largely because Trump did not immediately impose tariffs on imports from multiple countries. He did say, however, that he was considering imposing 25% duties on imports from Canada and Mexico from Feb. 1. * Corn and soybean prices had already been rallying thanks in part to writedowns of 2024 U.S. corn and soybean production earlier this month. * Those writedowns by the USDA triggered a rush of speculative buying, with funds now holding net long positions in both crops. * Showers in Argentina, a big corn and soy exporter, have not alleviated concerns that an ongoing drought could further harm crop yields. * Meanwhile, too much rain in Brazil's top grain-producing state, Mato Grosso, has hampered the start of soybean harvesting. * However, soybean supply is plentiful, with the Abiove oilseed group raising its production estimate for the 2024/25 season in Brazil - the world's top soy producer - by 3 million metric tons to 171.7 million tons. * S&P Global Commodity Insights projected on Tuesday that U.S. farmers would increase their corn planting and decrease their soybean planting this year. MARKETS NEWS * Global stocks gained as a flurry of new policies from Trump combined with robust corporate earnings to bolster investor optimism, while tariff uncertainty kept the dollar near two-week lows. (Reporting by Peter Hobson; Editing by Savio D'Souza)