GRAINS-Wheat run-up stalls as corn prices weaken
* Crop-friendly weather to boost corn, soy supplies
* U.S. soybeans underpinned by strong export demand
* World wheat crop outlooks may be revised lower
(Adds quotes, updates prices)
LONDON, Aug 1 (Reuters) - U.S. wheat futures were little changed on Thursday with weakness in the corn market helping to stall the recent run-up after prices had earlier climbed to the highest level since July 22.
Dealers said the rise in wheat prices had been fuelled by diminishing crop prospects in several countries including Russia and Brazil.
Corn prices remained on the defensive as crop weather in the United States continued to be favourable.
"Expectations that world wheat production estimates could be revised lower is certainly a supportive factor," said Luke Mathews, commodities strategist at Commonwealth Bank of Australia.
"In addition to that, we continue to see strong demand for U.S. wheat despite the fact that their prices are much stronger than other origins."
CBOT September wheat was unchanged at $6.64-1/4 a bushel at 1118 GMT after peaking at $6.67-1/2, the highest level for the front month since July 22.
November milling wheat in Paris was also unchanged at 189.75 euros a tonne.
Crop forecaster Lanworth on Wednesday lowered its forecast for this year's Russian wheat crop by 3 percent to 48.4 million tons.
Brazilian importers have purchased around 400,000 tonnes of U.S. hard red winter wheat over the past week and are in the market for more, U.S. traders said on Wednesday.
"Brazil has increased its importation needs as recent frost damage has reduced Brazilian production," French analyst Agritel said in market note.
IDEAL CORN CONDITIONS
CBOT corn prices were lower with December off 0.8 percent at $4.75-1/2 a bushel.
Cool temperatures and rain provided ideal conditions for U.S. Midwest corn as it finished pollinating, and crop forecaster Lanworth on Wednesday raised its outlook for U.S. corn output by 2 percent.
Lanworth also increased its forecast for Ukraine's corn crop by 9 percent to 26.4 million tons.
Soybean prices were little changed with CBOT November off 0.04 percent at $12.05-3/4 a bushel.
"Another strong U.S. soybean export sale last night indicates buyers are taking advantage of the recent break lower in prices; however ongoing excellent North American production prospects remain bearish for values," Mathews of Commonwealth Bank of Australia said.
Private exporters reported the sale of 120,000 tonnes of U.S. soybeans to unknown destinations for delivery in the new marketing year, the Agriculture Department said on Wednesday.
It was the second soybean sale in two days to unknown destinations for delivery during the 2013/14 marketing year opening on Sept 1. On Tuesday, exporters reported sales of 290,000 tonnes.
(Additional reporting by Naveen Thukral in Singapore; Editing by David Evans)