* Wheat falls from near month high
* Rise on Monday seen as overdone Soybeans rise, USDA world supply forecasts eyed
(Recasts with European trade, adds new comment, changes dateline) HAMBURG, April 10 (Reuters) - U.S. wheat futures fell on Tuesday, retreating from Monday's near one-month high, as some traders regarded the market had over-reacted to fears of cold weather stressing U.S. crops. Traders were positioning ahead of world supply and demand estimates later on Tuesday from the U.S. Department of Agriculture (USDA). Soybeans rose as traders shrugged off a trade war between the United States and China, focusing on a likely reduction in Argentina's soybean crop. Corn followed wheat lower. Chicago Board of Trade May wheat was down 1.07 percent at $4.85-1/2 a bushel by 1022 GMT. Wheat surged almost 4 percent on Monday, after weekend temperatures dipped below freezing in the U.S. Plains wheat belt. May soybeans rose 0.3 percent to $10.50-1/2 a bushel. May corn fell 0.1 percent to $3.90 a bushel. "Overall markets seem to be becoming more calmer after the sharp moves caused by the U.S./China trade tension last week while there is positioning ahead of the USDA report later on Tuesday," said Matt Ammermann, commodity risk manager with INTL FCStone. "Wheat is seeing a slight pullback after its big rise on Monday, with some market participants regarding the rise as overdone. But the big picture is that U.S. wheat remains supported as the U.S. Plains are still looking dry. U.S. wheat crop condition figures were not looking favourable."
"Soybeans are looking strong as the USDA is expected to further cut its forecast of Argentina's soybean harvest later today," Ammermann said. "Soybean markets also seem to be stabilising after the almost panic reaction last week to the U.S./China trade war." "There is perhaps a growing feeling that China will be anyway buying a lot of new crop soybeans from Brazil in coming months rather than from the U.S." "Corn is seeing some spillover weakness from falling. But in the background there is concern about the slow start to U.S. corn sowings and this worry is set to intensify as the weather outlook is not promising." The USDA said the U.S. corn crop was 2 percent planted by Sunday, down from 3 percent a year ago. Corn was also weakened by news China is to sell almost 7 million tonnes of corn from state inventories on April 12 to cool domestic demand after China proposed import duties on U.S. imports. "That is a pretty big volume coming very quickly and is likely to keep the global corn market calm," one European trader said. "There seems to be no need for Chinese importers to rush into purchasing." Grains prices at 1022 GMT
Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 485.50 -5.25 -1.07% +2.81% 474.93 68 CBOT corn 390.00 -0.75 -0.19% +0.39% 384.05 65 CBOT soy 1050.25 3.25 +0.31% +1.60% 1042.48 63 CBOT rice $12.82 $0.00 +0.00% +2.60% $12.42 80 WTI crude $64.15 $0.73 +1.15% +3.37% $62.86 55
Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
RSI 14, exponential
(Reporting by Michael Hogan, additional reporting by Colin Packham, editing by David Evans)