* Soybeans inch down to add to sharp loss on Monday
* Dry weather seen boosting U.S. corn, soybean harvesting
* Brazil rain eases planting concern
* Traders adjust positions with eye on USDA stocks report
(Updates with European trading, changes byline/dateline) PARIS/SINGAPORE, Sept 26 (Reuters) - Chicago soybean futures edged lower on Tuesday as the market remained under pressure after its biggest one-day decline in six weeks in the previous session, with the focus on U.S. harvest progress and beneficial rain for planting in Brazil. Wheat was little changed after earlier setting a new one-month high, underpinned by investor short-covering as the market showed signs of a seasonal recovery from lows seen during northern hemisphere harvesting. Corn ticked down, with investors also adjusting positions in the run-up to U.S. government grain stocks data on Friday. The Chicago Board Of Trade's most-active soybean contract was down 0.3 percent at $9.68-1/2 a bushel by 1201 GMT, adding to Monday's 1.3 percent decline which was its biggest daily loss since Aug. 15. Wheat was unchanged on the day at $4.54 a bushel, after earlier edging up to $4.56, its highest since Aug. 16. Corn eased 0.2 percent to $3.53 a bushel. In Brazil, where dry conditions have raised doubts about upcoming soybean planting, weather forecasts were now showing some widespread rainfall in the week ahead. "Weather forecasters have revised their outlook for Brazil's driest soybean regions," Tobin Gorey, director of agricultural strategy at Commonwealth Bank of Australia, said. "The forecast rainfall is modest so the market will continue to worry about delayed planting for a while yet," he said. Dry conditions in Brazil along with excess rain in Argentina have turned attention towards risks to planting in the two major South American crop exporters. Soybean and corn prices were also being capped by harvest progress in the United States. A weekly U.S. Department of Agriculture (USDA) report released after the market close on Monday showed the U.S. soybean harvest was 10 percent complete as of Sunday, while 11 percent of the U.S. corn crop has been harvested.
This was below average trade estimates in a Reuters poll, but dry weather forecast for this week in the U.S. Midwest fuelled expectations that field work would accelerate after rain last weekend. Unseasonably hot U.S. weather has also hastened corn and soybean crop towards maturity after months of concerns that lagging development could drag down yields or put some late-planted acres at risk of damage from frost, agronomists and analysts said. In the wheat market, risks to upcoming harvests in Argentina and Australia, as well as firm export prices in top exporter Russia, were encouraging the market to gain ground. Commodity funds were net sellers of CBOT soybean, soymeal and soyoil futures contracts on Monday and were net buyers of corn and wheat.
Prices at 1201 GMT
Last Change Pct End Ytd Pct Move 2016 Move CBOT wheat 454.00 0.00 0.00 408.00 11.27 CBOT corn 353.00 -0.75 -0.21 352.00 0.28 CBOT soy 968.50 -2.75 -0.28 1004.00 -3.54 Paris wheat Dec 166.75 0.75 0.45 175.00 -4.71 Paris maize Nov 156.25 1.00 0.64 170.00 -8.09 Paris rape Nov 373.25 2.75 0.74 383.25 -2.61 WTI crude oil 52.17 -0.05 -0.10 53.72 -2.89 Euro/dlr 1.18 -0.01 -0.51
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 Richard Pullin and Jane Merriman)