GRAINS-Wheat hits 2-week low, soy pauses after weather rally

* Forecasts for rain in dry U.S. Plains weigh on wheat

* Ample global supplies still hanging over wheat market

* Soybeans ease after hitting 7-month top on Argentina drought

* Soy market assesses rain chances for Argentine crops

(Updates with European trading, changes byline/dateline) PARIS/SINGAPORE, Feb 21 (Reuters) - Chicago wheat slipped to a two-week low on Wednesday, pressured by high world supplies and forecasts for some rain relief for parched crops in the U.S. Plains. Soybean prices inched down, as investors assessed weather forecasts pointing to rain next week in Argentina, but stayed close to their highest in nearly seven months on concerns that drought will shrink the Argentine harvest. The Chicago Board of Trade's most-active wheat contract was down 0.1 percent at $4.49 a bushel by 1220 GMT. It earlier fell to $4.45-1/2, its weakest since Feb. 6 as it continued to pull away from a six-month peak of $4.67-1/4 struck last week. "Wheat could not hold on to those earlier gains," said Phin Ziebell, an agribusiness economist at National Australia Bank. "We continue to face heavy supplies." Weather projections pointing to some rain this week and next in the U.S. Plains also eased concern about damage to hard red winter (HRW) wheat crops. "The wheat prices trend reversed yesterday in Chicago (...) on the back of more precipitation than initially awaited, especially in the eastern parts of the Great Plains where the hydric deficit is the strongest," consultancy Agritel said in a note. An import tender being held by Egypt on Wednesday was also expected to underline the dominance of Black Sea origins on export markets, although at rising prices. CBOT soybeans ticked down a quarter of a cent to $10.26-1/4 a bushel after climbing to their highest in nearly seven months at $10.39 a bushel on Tuesday. Corn inched up 0.4 percent to $3.67 a bushel. Some updated weather outlooks projected heavier rain in the latter part of next week in the Pampas grain belt. However, severe drought in Argentina has prompted traders and analysts to slash harvest estimates, fuelling projections that export business could shift to the United States from South America. Argentine farm consultancy Agripac cut its forecast for soybean production corn crop estimate by 12 percent to 37 million tonnes. Still, Brazil is on track for a record crop. The country's 2017/18 soybean crop is expected to reach 115.6 million tonnes, 1.2 percent above last year's all-time high of 114.2 million tonnes, according to an updated forecast on Monday from consultancy Safras & Mercado.

Prices at 1220 GMT

Last Change Pct End Ytd Pct Move 2017 Move CBOT wheat 449.00 -0.25 -0.06 427.00 5.15 CBOT corn 367.00 1.50 0.41 350.75 4.63 CBOT soy 1026.25 -0.25 -0.02 961.75 6.71 Paris wheat Mar 160.25 -0.25 -0.16 159.00 0.79 Paris maize Mar 152.50 0.00 0.00 157.75 -3.33 Paris rape May 353.25 -0.75 -0.21 352.75 0.14 WTI crude oil 61.47 -0.32 -0.52 60.42 1.74 Euro/dlr 1.23 0.00 -0.17

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 Joseph Radford and Susan Fenton)