GRAINS-Prices ease after dollar rally, export data watched

* Dollar rally after Fed meeting curbs U.S. commodities

* Weekly export data eyed after run of soybean sales

* Grain markets weigh U.S. harvest, S. hemisphere weather

(Updates with European trading, changes byline/dateline) PARIS/SINGAPORE, Sept 21 (Reuters) - Chicago wheat, corn and soybean futures edged lower on Thursday as strength in the dollar after a Federal Reserve policy statement encouraged prices to consolidate ahead of export data watched for signs of strong soybean demand. Grain markets remained underpinned by weather risks in the southern hemisphere, which was countering supply pressure from large global inventories and the start of the U.S. corn and soybean harvest. The Chicago Board of Trade most-active soybeans were down 0.6 percent at $9.64 a bushel by 1142 GMT, while corn eased 0.3 percent to $3.49 a bushel, with both markets having gained half a percent on Wednesday. CBOT wheat was down 0.6 percent at $4.47-1/4 a bushel, having closed up 1.5 percent on Wednesday, as it again faced resistance around $4.50 after setting a new one-month high. The dollar rose sharply on Thursday after the Federal Reserve said it expected to raise U.S. interest rates again this year and begin unwinding monetary stimulus. A stronger dollar tends to curb prices of U.S. commodities by making them more expensive overseas. But U.S. soybean prices have found strong support in brisk export demand, including a massive sale of 1.2 million tonnes announced on Wednesday by the U.S. Department of Agriculture (USDA). The USDA said the soybean sale was among the 10 largest ever announced through its daily reporting system. "Buyers repositioned themselves on U.S. origins while the harvest begins," consultancy Agritel said in a note. Investors will get a further update on U.S. soybean and cereal exports from weekly sales figures from the USDA due at 1230 GMT. Adverse planting weather in South America was also lending support to soybean and corn prices. "Brazilian farmers still waiting on moisture to plant soybeans and first crop corn while Argentina farmers need relief from moisture to start (their) corn and soybean campaign," Thomson Reuters Agriculture Research analysts said in a daily update. Torrential rain in Argentina has also raised the threat of damage to wheat crops, while in Australia wheat harvest prospects have been hurt by persistent dryness in the east. The potential that farmers in the United States and western Europe will sow less wheat for next year's harvest was also encouraging prices to bottom out after recent lows. "The supply-side news has been factored into the wheat market, right now people are watching planting intentions in the U.S. and Europe," said one India-based commodities analyst.

Prices at 1142 GMT

Last Change Pct End Ytd Pct Move 2016 Move CBOT wheat 447.25 -2.50 -0.56 408.00 9.62 CBOT corn 349.00 -1.00 -0.29 352.00 -0.85 CBOT soy 964.00 -6.00 -0.62 1004.00 -3.98 Paris wheat Dec 164.00 1.00 0.61 175.00 -6.29 Paris maize Nov 156.75 1.50 0.97 170.00 -7.79 Paris rape Nov 367.50 0.25 0.07 383.25 -4.11 WTI crude oil 50.15 -0.54 -1.07 53.72 -6.65 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)