* Wheat edges up but set for big weekly fall
* High global supply, export competition hang over market
* Soybeans steady, market weighs LatAm crop risks
* Grain market focus shifts to Dec. 12 USDA report
(Updates with European trading, changes byline/dateline) PARIS/SINGAPORE, Dec 8 (Reuters) - Chicago wheat futures ticked higher on Friday as the market caught its breath after sliding to contract lows the previous day under pressure from mounting global supplies. Soybeans also edged higher, steadying after a pullback on Thursday, as the oilseed market weighed up healthy export demand and weather risks in South America against large world output. Corn was similarly steady in a subdued overnight session, with attention in grain markets shifting towards next week's monthly crop forecasts from the U.S. Department of Agriculture (USDA). March wheat, the most-active wheat contract on the Chicago Board Of Trade, was up 0.4 percent at $4.23 a bushel by 1225 GMT, recovering from Thursday's life-of-contract low of $4.19-1/2. Over the week, it was down 3.5 percent. "On the short term, nothing seems to be able to stop the drop of American prices," consultancy Agritel said in a note. A higher than expected government estimate of Canada's wheat crop and an increased forecast of global wheat production from the United Nations' food agency have this week put the focus back on high global supply.
Analysts see potential for a sustained wheat rebound next year but the market has yet to find impetus. "If bullish factors are scarce, traders will (nonetheless) monitor the current dry episode hitting the region of Kansas," Agritel said. "A climatic incident in this part of the world could support prices as U.S. wheat acreage is recording another drop." Soybeans were up 0.3 percent at $9.95-1/4 a bushel while corn also ticked higher, adding 0.4 percent to $3.53. The soybean market was being underpinned by brisk export demand and weather risks for the growing season in South America. Weekly U.S. soybean export sales came in at 2.086 million tonnes, topping trade forecasts that ranged from 1 million to 1.650 million tonnes, USDA data showed on Thursday. Dry conditions in Argentina were also supporting prices, although weather forecasts calling for some rainfall in the next two weeks have tempered concerns.
Prices at 1225 GMT
Last Change Pct End Ytd Pct Move 2016 Move CBOT wheat 423.00 1.50 0.36 408.00 3.68 CBOT corn 353.00 1.50 0.43 352.00 0.28 CBOT soy 995.25 3.25 0.33 1004.00 -0.87 Paris wheat Dec 156.50 0.25 0.16 175.00 -10.57 Paris maize Jan 154.00 0.25 0.16 171.00 -9.94 Paris rape Feb 365.75 0.25 0.07 393.00 -6.93 WTI crude oil 57.62 0.93 1.64 53.72 7.26 Euro/dlr 1.17 0.00 -0.34
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 Christian Schmollinger and Elaine Hardcastle)