* Rain relief for dry Argentine belts keeps onus on high supply
* One-year low for palm oil, China import rules also weigh
* Wheat steadies after 2-week top on export upturn, cold risk
(Updates with European trading, changes byline/dateline) PARIS/SINGAPORE, Dec 22 (Reuters) - Chicago soybean futures hovered around a three-month low on Friday as forecast rain in Argentina eased concern about a potential supply risk while a one-year low for palm oil added pressure on oilseed markets. Chicago wheat was also little changed, consolidating below a two-week high that had been fueled by improved export demand and the threat of cold weather to wheat crops in the U.S. Plains. Corn was flat in subdued overnight trading on what will be the last day of trading before a long weekend closure for the Christmas holiday. The Chicago Board of Trade's most-active soybean contract had inched up a quarter of a cent to $9.49 a bushel by 1156 GMT, after earlier setting a new three-month low at $9.46-1/2. "Oilseed markets are still a bit under pressure because of the rain expected in Argentina and also the drop in palm oil," Michel Portier, head of consultancy Agritel, said. Showers are forecast for this weekend in Argentine crop belts, which on top of recent rainfall has eased concerns about drought over the growing season in the world's third-largest soybean exporter. Soybeans have also been curbed by a slide in palm oil futures. Benchmark prices in Malaysia fell to a 16-month low on Friday although they later steadied, helping CBOT soybeans come off their three-month low. More stringent specifications as of January 1 for U.S. soybean imports in China, the top global buyer, have encouraged bearish sentiment this week as they could curb buoyant Chinese demand. CBOT corn was unchanged on the day at $3.51-1/4, while wheat ticked down 0.1 percent to $4.26-3/4 after earlier rising to $4.27-3/4, a new two-week high. Higher-than-expected demand for weekly U.S. wheat exports, reported by the U.S. Department of Agriculture (USDA) on Thursday, suggested a recent drop in prices was stirring overseas demand. Wheat prices have also been supported by weather forecasts calling for freezing temperatures in the U.S. Plains, which could strain hard red winter (HRW) wheat that has already endured a dry autumn. "The cold spell in HRW areas could be the thing to watch next week, especially with funds holding short positions in wheat," Agritel's Portier said. Some forecasts called for temperature lows in the Plains to reach double-digit negative Celsius levels, which can damage wheat depending on snow cover and the sturdiness of crops.
Prices at 1156 GMT
Last Change Pct End Ytd Pct Move 2016 Move CBOT wheat 426.75 -0.25 -0.06 408.00 4.60 CBOT corn 351.25 0.00 0.00 352.00 -0.21 CBOT soy 949.00 0.25 0.03 1004.00 -5.48 Paris wheat Mar 160.50 0.25 0.16 177.50 -9.58 Paris maize Jan 154.00 0.75 0.49 171.00 -9.94 Paris rape Feb 354.00 0.50 0.14 393.00 -9.92 WTI crude oil 58.07 -0.29 -0.50 53.72 8.10 Euro/dlr 1.19 0.00 -0.18
Most active contracts - Wheat, corn and soy US cents/bushel, Paris futures in euros per tonne
(Reporting by Gus Trompiz and Naveen Thukral; Editing by Joseph Radford and Elaine Hardcastle)