GRAINS-Soybeans ease as Argentina rain chances weighed

* Soybeans tick lower after rally on Argentina drought

* Market also awaiting U.S. acreage forecasts

* Wheat steadies after two-week low

(Updates with European trading, changes byline/dateline) PARIS/SINGAPORE, Feb 22 (Reuters) - Chicago soybeans edged lower on Thursday as investors weighed up the chances for rain relief in drought-hit crop belts in Argentina. Wheat ticked higher, steadying after a two-week low linked to beneficial moisture expected in the U.S. Plains and a backdrop of ample global supplies. Corn inched down. Argentina remained the focus for soybean markets, with traders assessing production downgrades by forecasters along with prospects for light rain next week and a bumper harvest in Brazil. "Argentina's output can go down further if the weather does not improve," said one India-based agricultural commodities analyst at an international bank. "But the country has 14 million tonnes of inventory, it is enough to restrict further gains in prices. Brazil has another huge crop on the way." Intermittent showers were expected over the next week in some parts of Argentina, the Commodity Weather Group said in a note. "Wetter risk (is showing) on some models in 6-10 days, but our outlook would keep up to 60 percent of Argentine corn/soy under moisture stress," it said. The most-active soybean contract on the Chicago Board Of Trade had eased by 0.3 percent to $10.42-3/4 a bushel by the end of the overnight sessions. CBOT wheat added 0.3 percent to $4.48-3/4 a bushel, having dropped to its lowest since Feb. 6 at $4.45-1/2 on Wednesday. Corn was down 0.1 percent at $3.65-1/4 a bushel. Grain markets were also awaiting an updated supply-demand outlook from the U.S. Department of Agriculture in its annual forum this week. Analysts polled ahead of the gathering expect U.S. soybean acres this season to exceed corn acres for just the second time ever.

Prices at 1410 GMT

Last Change Pct End Ytd Pct Move 2017 Move CBOT wheat 448.75 1.50 0.34 427.00 5.09 CBOT corn 365.25 -0.50 -0.14 350.75 4.13 CBOT soy 1042.75 -2.75 -0.26 961.75 8.42 Paris wheat Mar 161.50 0.25 0.16 159.00 1.57 Paris maize Mar 153.50 0.75 0.49 157.75 -2.69 Paris rape May 353.75 -0.75 -0.21 352.75 0.28 WTI crude oil 62.01 0.33 0.54 60.42 2.63 Euro/dlr 1.23 0.00 0.37

Most active contracts - Wheat, corn and soy US cents/bushel, Paris futures in euros per tonne

(Reporting by Naveen Thukral; Editing by Subhranshu Sahu and David Evans)