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GRAINS-Market steady as it weighs up strong supply against weather risks

* CBOT wheat, corn, soy almost unchanged in overnight trade U.S. harvest, global supplies hang over market

* Prices underpinned by chart support, S. hemisphere weather

(Updates with European trading, changes byline/dateline) PARIS, Oct 26 (Reuters) - Chicago wheat, corn and soybean futures were little changed on Thursday as the market weighed up an advancing U.S. harvest that was set to further buffer global supplies, against weather risks to the southern hemisphere crops. Corn and wheat also consolidated after striking three- and two-week highs, respectively, in the previous session. The Chicago Board Of Trade most-active wheat contract rose 0.2 percent to $4.36-1/4 a bushel by 1130 GMT. Corn was unchanged on the day at $3.51 a bushel, while soybeans ticked up 0.1 percent to $9.76-3/4 a bushel. "We are seeing some modest gains in corn and wheat but fundamentals haven't really changed, there are ample supplies and we don't see a big rally from here," said Phin Ziebell, agribusiness economist, National Australia Bank. "At the same time, markets are close to the bottom, so it will be pretty much range-bound." The U.S. Department of Agriculture (USDA) forecasts record global wheat inventories in 2017/18, partly due to a massive Russian harvest, and the global backdrop has cushioned the impact of expected weather losses in Australia. Australian exporters have made a later than usual start to sales of new-crop wheat due to the risk of a smaller harvest. Farmers in Australia, meanwhile, face a double blow as high global supply is curbing the prices they can fetch for their weather-hit crop. News that Brazil is considering a 750,000-tonne duty-free import quota for wheat, open to origins from outside the Mercosur trading bloc, raised the prospect of some demand. But trader reaction was muted as it was unclear if non-South American origins would be price competitive, while Russia was poised to gain clearance to export to Brazil, which could add to its current edge over U.S. and western European wheat. Soybeans and corn continued to face supply pressure from an advancing U.S. harvest, which is expected to show strong yields, although dry planting conditions in Brazil and export demand underpinned soybeans. "The soybean (market) is still finding support thanks to solid export activity. The lack of rains in Mato Grosso is also helping," consultancy Agritel said in a note, referring to Brazil's main soybean growing region. The grain markets will get an update on export demand from weekly U.S. export sales data due at 1230 GMT.

Prices at 1130 GMT

Last Change Pct End Ytd Pct Move 2016 Move CBOT wheat 436.25 0.75 0.17 408.00 6.92 CBOT corn 351.00 0.00 0.00 352.00 -0.28 CBOT soy 976.75 1.25 0.13 1004.00 -2.71 Paris wheat Dec 161.75 0.00 0.00 175.00 -7.57 Paris maize Nov 149.00 1.00 0.68 170.00 -12.35 Paris rape Nov 367.00 0.25 0.07 383.25 -4.24 WTI crude oil 52.16 -0.02 -0.04 53.72 -2.90 Euro/dlr 1.18 0.00 -0.08

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

(Reporting by Naveen Thukral and Gus Trompiz; Editing by Sherry Jacob-Phillips and Susan Fenton)