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GRAINS-Wheat down for third day, soybeans recover from earlier fall

* Wheat down on stable condition of U.S. crops

* Soybeans and corn little changed

(Updates prices, changes dateline/byline) SINGAPORE/PARIS, May 24 (Reuters) - Chicago wheat futures slid for a third session with the U.S. hard red winter crop's resilience to late spring snow storms pulling the market lower while soybeans were virtually flat after recovering from early losses. Corn was down slightly, extending the previous day's fall on concerns over planting delays in the U.S. grain belt. The Chicago Board Of Trade's most-active wheat contract fell by 0.2 percent to $4.28-1/2 a bushel, having closed down 1.1 percent on Tuesday. Soybeans were little changed at $9.48-3/4 after falling 0.4 percent in overnight trade and having closed 0.9 percent down on Tuesday. Corn edged lower, down less than 0.1 percent to $3.69-1/4 a bushel, having closed 1.5 percent down in the previous session. "The flood situation is not so severe. Farmers in the U.S. Midwest are able to plant crops, as we can see from the USDA data," said Kaname Gokon of Tokyo brokerage Okato Shoji. The U.S. Department of Agriculture (USDA) said on Monday that the U.S. corn crop was 84 percent planted by May 21, slightly behind an average of trade expectations but close to the period's five-year average of 85 percent.

The USDA estimated U.S. soybean plantings were 53 percent complete, just above the five-year average of 52 percent. Soybean futures also drew support from a USDA announcement on Tuesday that private exporters sold 126,000 tonnes of old-crop U.S. soybeans to unknown destinations. The market awaits the USDA's first corn condition ratings for the season, which the government expects to release in its next weekly crop progress report on May 30. The wheat market extended losses after the USDA rated 52 percent of the U.S. winter wheat crop as good to excellent, up from 51 percent a week earlier.

Analysts on average had expected a decline, given wet conditions in the southern Plains and Midwest that raised concerns about yield prospects and grain quality. Still, there could be support for oilseed prices with adverse weather delaying planting in Canada. Heavy rain forecast for the soggiest parts of the Canadian Prairies this week is likely to delay plantings in the world's biggest canola exporting country, meteorologists say. Commodity funds were net sellers of CBOT corn, soybean and wheat futures contracts on Tuesday, traders said. They were also net sellers of soymeal and soyoil futures.

Prices at 1000 GMT

Last Change Pct End Ytd Move 2016 Pct

Move

CBOT wheat Mar 428.50 -1.00 -0.23 408.00 5.02 CBOT corn Mar 369.25 -0.25 -0.07 352.00 4.90 CBOT soy Mar 948.75 0.50 0.05 1004.00 -5.50 Paris wheat Dec 171.25 0.00 0.00 171.00 0.15 Paris maize Nov 169.00 -0.25 -0.15 170.00 -0.59 Paris rape Aug 360.50 0.00 0.00 407.50 -11.53 WTI crude oil 51.60 0.13 0.25 53.72 -3.95 Euro/dlr 1.12 0.00 -0.04

Most active contracts - Wheat, corn and soy US cents/bushel, Paris futures in euros per tonne

(Editing by Tom Hogue and David Goodman)