GRAINS-Wheat up for 3rd day; corn, soybeans also firm

* Wheat buoyed by short-covering, S. Hemisphere crop doubts

* Corn, soy recover from losses after higher USDA forecasts

* Wet Argentina, dry Brazil raise concern for planting

(Updates with European trading, changes byline/dateline) PARIS/SINGAPORE, Sept 14 (Reuters) - Chicago wheat futures rose for a third consecutive session on Thursday to hold close to a four-week high, as investors covered short positions and uncertainty over southern hemisphere harvests shifted attention away from large global supplies. Soybeans edged higher, helped by brisk export demand, while corn was also firm as traders awaited a clearer picture of the U.S. harvest after higher than expected government yield forecasts earlier this week. "When you look at wheat prices, we have to see what funds are doing," said a Singapore-based trader. "The USDA has reduced its supply estimate, but there is still plenty of wheat around, we don't see this price move as very significant." Analysts, however, said that the market's focus may be turning from well-flagged global inventories to the upcoming southern hemisphere harvest season. The U.S. Department of Agriculture (USDA) cut expected Australian supply in its monthly supply and demand outlook on Tuesday, contributing to a downward revision to global stocks. Heavy rain in Argentina is also raising doubts about how much wheat area will be harvested there, and also causing concern for upcoming corn and soybean planting. Dry conditions in Brazil were also creating uncertainty about soybean planting. "Before the start of U.S. harvest, traders are paying attention to the dry conditions in place in Brazil, (which may) delay plantings," consultancy Agritel said in a note. The Chicago Board of Trade most-active wheat contract had added 1.0 percent to $4.47-1/2 a bushel by 1147 GMT, trading near Wednesday's four-week high of $4.49-3/4. Soybean prices were up 0.6 percent at $9.65-3/4 a bushel. Corn was up 0.7 percent at $3.54 a bushel. Corn and soybean prices have been recovering from a sharp fall on Tuesday when the USDA surprised the market by raising its forecasts for this year's U.S. harvest yields. Soybeans have drawn support from brisk export activity and traders will be assessing weekly export sales data at 1230 GMT for a further indication of demand.

Prices at 1147 GMT

Last Change Pct End Ytd Pct Move 2016 Move CBOT wheat 447.50 4.25 0.96 408.00 9.68 CBOT corn 354.00 2.50 0.71 352.00 0.57 CBOT soy 965.75 5.25 0.55 1004.00 -3.81 Paris wheat Dec 162.25 1.00 0.62 175.00 -7.29 Paris maize Nov 157.00 0.50 0.32 170.00 -7.65 Paris rape Nov 367.00 1.00 0.27 383.25 -4.24 WTI crude oil 49.82 0.52 1.05 53.72 -7.26 Euro/dlr 1.19 0.00 0.01

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

(Reporting by Naveen Thukral in Singapore and Gus Trompiz in Paris; Editing by Joseph Radford and Elaine Hardcastle)