GRAINS-Wheat at two-week low as USDA report tempers supply risks

* USDA puts wheat crop, stocks above expectations

* Forecasts curb support from poor spring wheat weather

* Corn extends fall after USDA stocks increase

* Soybeans also stay weak

(Updates with European trading, changes byline/dateline) PARIS/SYDNEY, July 13 (Reuters) - Chicago wheat prices slid 2 percent on Thursday to a two-week low after higher than expected supply forecasts from the U.S. Department of Agriculture countered recent concerns about weather damage to spring wheat. Corn hit a one-week low, adding to steep losses from Wednesday when the USDA report surprised investors with bigger than expected estimates of U.S. stocks. Soybeans similarly extended losses to a near one-week low, with reduced USDA estimates of U.S. soybean stocks outweighed by the sell-off in corn as well as beneficial rain in the U.S. Midwest. Most active wheat futures on the Chicago Board of Trade were trading down 2.1 percent at $5.25-3/4 a bushel at 1046 GMT, after earlier touching their lowest since June 30 at $5.22-3/4. Wheat closed down 2.9 percent on Wednesday. The USDA's July report increased U.S. winter wheat production while reducing projected output of spring wheat - the variety that has been hit by drought and heat in the northern Plains - by less than expected. The agency also raised U.S. wheat stocks for the end of the season by making downward revisions to demand. "The fact the U.S. numbers were more bearish than expected took some of the heat out of CBOT wheat markets," said Angus Thornton, commodity analyst at Profarmer. The wheat estimates wrongfooted some investors who had anticipated a steeper cut to U.S. spring wheat production after the sweltering weather that helped push prices to a two-year high last week. Most active CBOT corn futures fell 0.9 percent to $3.95-1/4 a bushel, after touching a one-week low at $3.94. Corn shed about 4 percent on Wednesday. Soybean futures were down 1.9 percent at $10.14-3/4 a bushel, after touching a near one-week low of $10.13. The USDA also raised its forecasts of end-2017/18 U.S. corn stocks to 2.325 billion bushels, up from 2.110 billion in June and above an average of analyst estimates of 2.181 billion. Rainfall this week in key corn and soybean growing states in the Midwest have eased concerns about hot weather. However, after the USDA left unchanged its U.S. corn and soybean yield forecasts in its July report and with sweltering conditions set to continue in the spring wheat belt, many in the market expect the agency to make supply cuts going forward. "The market will turn its attention back to weather and potential production changes in the August report," Rabobank analysts said in a note on the USDA's July data. Grain markets will get a demand update on Thursday with the USDA to publish weekly export sales figures at 1230 GMT.

Prices at 1046 GMT

Last Change Pct End Ytd Pct Move 2016 Move CBOT wheat 525.75 -11.25 -2.09 408.00 28.86 CBOT corn 395.25 -3.50 -0.88 352.00 12.29 CBOT soy 1014.75 -19.25 -1.86 1004.00 1.07 Paris MAT wheat Sep 176.25 -3.25 -1.81 168.00 4.91 Paris maize Jun 171.00 -0.75 -0.44 166.00 3.01 Paris rape Aug 369.00 -5.75 -1.53 408.50 -9.67 WTI crude oil 45.28 -0.21 -0.46 53.72 -15.71 Euro/dlr 1.14 0.00 -0.21

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

(Reporting by Colin Packham in Sydney and Gus Trompiz in Paris; Editing by Joseph Radford and David Evans)