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GRAINS-Soybeans stable after lows, Argentine weather still eyed

* Soybeans little changed after 3-month lows

* Corn up from life-of-contract low

* Soybeans still pressured by Argentine rain, big Brazilian crop

* Wheat supported by U.S. weather concerns

* Graphic-Soybean futures: http://reut.rs/2B0BC8R

(Recasts with European trade, adds comment, changes dateline) HAMBURG, Dec 19 (Reuters) - Chicago soybeans were little changed on Tuesday, underpinned by bargain-buying a day after hitting 3-month lows plumbed on forecasts of crop-friendly rain in Argentina's parched soybean farms. Corn also firmed after hitting life-of-contract lows on Monday. Wheat was firm for a second session on concerns over a lack of snow cover in the U.S. Plains, leaving the crop vulnerable to cold. "The focus in the soybeans and corn market remains on rain in Argentina while both are seeing some limited buying today after their lows," said Graydon Chong, senior commodity analyst with Rabobank. "Attention in the wheat market is on weather in parts of the United States and concern about possible damage to U.S. crops." Chicago Board of Trade January soybeans were down a marginal 0.03 percent at $9.61-1/4 a bushel at 1131 GMT after hitting $9.57-1/4 on Monday, the lowest since Sept. 13. March wheat was unchanged at $4.20-1/2 a bushel. March corn was up 0.1 percent at $3.47-1/2 a bushel after on Monday and early Tuesday touching its contract low of $3.46-1/2. Weekend rain in Argentina's main farm belt brought relief to parched soybean and corn, allowing planting to resume in most of the affected areas. Argentina is the world's top exporter of soymeal used in livestock feed and the No. 3 corn supplier. "Rain forecast in Argentina is positive for Argentine crops in the short term," said Rabobank's Chong. "But more is rain is needed to keep the Argentine crop developing and the story is not over yet. Argentine soybean sowings are also lagging behind which shows conditions are not optimal." "With investment funds holding short positions in corn and wheat, the recent low prices mean some short-covering buying is not surprising to reduce risk at the end of the year." A combination of delays to autumn planting and dry conditions in the southern U.S. Plains could make the U.S. hard red winter crop susceptible to frosts, crop experts said, which could further tighten supplies of high-protein wheat. "For wheat, there is concern that some U.S. crops are in a vulnerable condition and that cold weather could cause damage," said Chong. "There are also concerns about crop vulnerability to frost, as warm weather means there is often a lack of snow cover in parts of Europe and the Black Sea regions." Grains prices at 1131 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 420.50 0.00 +0.00% +0.54% 432.79 68 CBOT corn 347.50 0.50 +0.14% +0.00% 353.63 67 CBOT soy 961.25 -0.25 -0.03% -0.62% 985.50 26 CBOT rice $11.84 $0.13 +1.11% +1.15% $12.03 44 WTI crude $57.46 $0.30 +0.52% +0.28% $57.07 54

Currencies

Euro/dlr $1.181

Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight

RSI 14, exponential

(Reporting by Michael Hogan, additional reporting by Naveen Thukral, editing by David Evans)