* Wheat rebounds from one-month low on Wednesday
* Widely watched crop tour highlights Dakota wheat damage
* Corn, soybeans higher, Midwest dryness still a concern
(Updates with European trading, changes byline/dateline) PARIS/SYDNEY, July 27 (Reuters) - Chicago wheat futures rose on Thursday, pulling away from a one-month low struck a day earlier, as a widely watched crop tour showing poor yields for U.S. spring wheat shifted attention back to weather risks. Corn and soybeans were also higher as uncertainty over the impact of dryness in parts of the U.S. Midwest underpinned prices despite rainfall and milder temperatures this week. The most active wheat futures on the Chicago Board of Trade had climbed 0.9 percent to $4.82 a bushel by 1133 GMT. The rise extended a recovery from a low of $4.73 in Wednesday's session, last hit on June 29. "The premium due to the threat to spring wheat had come off a little in the last few weeks as people realised major downgrades would alter the supply and demand fundamentals, though the crop tour has propelled the issue back into focus," National Australia Bank agribusiness economist Phin Ziebell said. Spring wheat yield prospects in central and northwest North Dakota are down significantly from a year ago following hot and dry conditions during the growing season, scouts on the annual crop tour said on Wednesday. Minneapolis spring wheat futures were higher, after fuelling the initial bounce in wheat markets on Wednesday.
Wheat markets have also found support in brisk demand from importers, who have been encouraged by the recent pullback in prices. However, tenders from importers such as Egypt and Algeria have underlined the stiff competition from cheaper origins such as Russia. Grain markets will get an indication of U.S. export demand with weekly export sales data at 1230 GMT. The most active corn futures rose 0.7 percent to $3.88-3/4 a bushel. This extended Wednesday's bounce off a near one-month low of $3.79-1/4. The most active soybean futures were up 0.6 percent at $10.06-1/2 a bushel, after rising slightly on Wednesday to move above the psychological $10 threshold. Traders continued to closely monitor U.S. weather as both corn and soybean crops are in key development periods. "Iowa, southern Minnesota, Nebraska, and Upper Midwest look to stay dry through early August; cool temperatures will slow moisture loss, but threats to U.S. corn and soybean yields remain," Thomson Reuters Agriculture Research analysts said in a daily update. The condition of both crops fell last week, a weekly U.S. Department of Agriculture (USDA) report showed on Monday, including a sharper than expected decline for soybeans.
Prices at 1112 GMT
Last Change Pct End Ytd Pct Move 2016 Move CBOT wheat Mar 481.75 4.00 0.84 408.00 18.08 CBOT corn Mar 388.75 2.75 0.71 352.00 10.44 CBOT soy Mar 1006.50 6.25 0.62 1004.00 0.25 Paris wheat Dec 174.00 0.50 0.29 175.00 -0.57 Paris maize Nov 166.00 0.25 0.15 170.00 -2.35 Paris rape Aug 366.25 1.00 0.27 380.25 -3.68 WTI crude oil 48.43 -0.32 -0.66 53.72 -9.85 Euro/dlr 1.17 0.00 -0.18
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 David Clarke)