GRAINS-Market eases after gains as Americas weather watched

* Corn, wheat ease after multi-month highs on Thursday

* Soybeans lower after one-week high

* Argentine, U.S. droughts stay in focus after USDA report

* CONAB cut to Brazil corn crop outlook adds supply risk

(Updates with European trading, changes byline/dateline) PARIS/SINGAPORE, Feb 9 (Reuters) - Chicago corn, wheat and soybeans edged lower on Friday, consolidating after recent gains as investors turned their attention back to weather risks in North and South America after a U.S. crop report a day earlier brought few major surprises. Wheat was poised for a fourth week of gains, with prices underpinned by concerns over drought affecting some U.S. wheat belts. Soybeans and corn are also set to notch up a weekly rise, as dry weather threatens the yield prospects of both crops, while there was uncertainty over how much corn Brazil will grow this year. Broad losses in equity and commodity markets, following a fresh sell-off on Wall Street on Thursday, also kept U.S. grain futures subdued in overnight trading. The Chicago Board Of Trade most-active wheat contract was down 1.0 percent at $4.51-3/4 a bushel, after reaching a six-month high at $4.64-1/2 on Thursday. Soybeans were down 0.5 percent at $9.83-1/4 a bushel, after touching a one-week high a day earlier. Corn was 0.5 percent lower at $3.64 a bushel after hitting its highest since mid-August on Thursday at $3.67-3/4. Grain markets were assessing monthly world crop forecasts from the U.S. Department of Agriculture (USDA), issued on Thursday. "The USDA's February report came without fireworks and was largely in line with expectations," Rabobank analysts said. "Argentina weather will remain a key focus over the coming weeks, as dry conditions are expected to return." Argentina's main crop belt is enduring drought and dry, hot conditions are expected to build next week after some light rain forecast for late this week. The USDA cut projected Argentine corn and soybean production, while raising its outlook for the Brazilian soybean crop. Analysts said the USDA made moderate adjustments for Argentina compared to other crop forecasters. Analysts also stressed that USDA left unchanged its forecast for Brazil's corn output in 2017/18 at 95 million tonnes, well above the 88 million estimated Corn futures were supported on Thursday by the USDA's cut to projected U.S. stocks, linked to an upward revision to exports. It increased forecast wheat and soybean stocks, however, as its trimmed export projections. Wheat remained supported by weather risks, with a winter storm moving through the U.S. Midwest adding a potential threat, while investors have large short positions. "Short investors probably continue to lurk as potential buyers but their position is probably much smaller by now," said Tobin Gorey, director of agricultural strategy at Commonwealth Bank of Australia, referring to CBOT wheat.

Prices at 1134 GMT

Last Change Pct End Ytd Pct Move 2017 Move CBOT wheat 451.75 -4.50 -0.99 427.00 5.80 CBOT corn 364.00 -1.75 -0.48 350.75 3.78 CBOT soy 983.25 -4.50 -0.46 961.75 2.24 Paris wheat Mar 159.00 -0.75 -0.47 159.00 0.00 Paris maize Mar 154.25 0.00 0.00 157.75 -2.22 Paris rape May 348.00 -1.75 -0.50 352.75 -1.35 WTI crude oil 60.45 -0.70 -1.14 60.42 0.05 Euro/dlr 1.22 0.00 -0.02

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 Catherine Evans)