* Dry Brazil areas, La Nina risk in Argentina support soy Trading subdued as investors await USDA crop report
* Wheat, corn consolidate after Wednesday's one-month lows
(Updates with European trading, changes byline/dateline) PARIS/SINGAPORE, Oct 12 (Reuters) - Chicago soybean futures edged higher on Thursday as weather risks for the South American growing season underpinned prices, while the market awaited further direction from U.S. government crop forecasts later in the day. Corn inched higher, consolidating above Wednesday's one-month low, as investors adjusted positions before the U.S. Department of Agriculture's monthly crop outlook that could see the USDA raise its forecast for this year's U.S. corn yield. Chicago wheat steadied after a one-month low a day earlier, when ample world supplies and stiff competition from Russia had sapped prices. The Chicago Board of Trade most-active soybean contract was up 0.3 percent at $9.68-1/2 a bushel by 1044 GMT. CBOT corn inched up a quarter of a cent to $3.46-1/4 a bushel, as it held just above Wednesday's low of $3.45-1/2, a level not seen since Sept. 12. Wheat added 0.4 percent to $4.34-3/4 a bushel, having also hit its lowest since Sept. 12 in the previous session at $4.29-3/4. "The USDA's WASDE report tonight will be influential," said Tobin Gorey, director of agricultural strategy at Commonwealth Bank of Australia. "However, given there is a nascent weather issue in Brazil, the market is unlikely to set off on a bearish tangent unless the report comes out with some very big U.S. soybean numbers." The USDA's World Agricultural Supply and Demand Estimates are closely watched as a guide to market fundamentals in the United States and worldwide, and the October report will give further clues about the ongoing U.S. corn and soybean harvest as well as harvests to come in the southern hemisphere. Dry weather in parts of Brazil, the world's leading soybean exporter, has raised concern about planting delays, despite some rain relief this month. "Upcoming rainfall (is) restricted to southern Brazil, raising early concerns for corn and soybean plantings in the Center-West where soil moisture is already low," Thomson Reuters Agriculture Research analysts said in a daily note. In Argentina, excess rain has been the focus in recent weeks. Declining precipitation due to a transition to the La Nina climate phenomenon should now help fields dry out in the coming months, but drier conditions could also harm soybean and corn yields, meteorologists said. A slow-moving U.S. harvest has also lent some support to U.S. soybean and corn prices, although reports of good harvest yields have capped the markets.
Wheat prices have been struggling in the face of export competition from a record Russian harvest.
Prices at 1044 GMT
Last Change Pct End Ytd Pct Move 2016 Move CBOT wheat 434.75 1.50 0.35 408.00 6.56 CBOT corn 346.25 0.25 0.07 352.00 -1.63 CBOT soy 968.50 3.25 0.34 1004.00 -3.54 Paris wheat Dec 161.75 0.00 0.00 175.00 -7.57 Paris maize Nov 152.00 0.50 0.33 170.00 -10.59 Paris rape Nov 365.00 0.00 0.00 383.25 -4.76 WTI crude oil 50.77 -0.53 -1.03 53.72 -5.49 Euro/dlr 1.19 0.00 -0.03
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 Dale Hudson)