GRAINS-Wheat falls 1 pct as USDA forecasts record supplies

* Wheat extends two-day losses to 2 pct

* Wheat shrugs off threat to U.S. supplies

* Soybeans edge higher, corn flat

SYDNEY, April 12 (Reuters) - U.S. wheat futures fell 1 percent on Thursday after the U.S. Department of Agriculture raised its forecast for world supplies, easing fears about potential supply issues in the world's No. 1 exporter. Corn was unchanged, while soybeans edged higher. The most active wheat futures on the Chicago Board Of Trade eased 1.1 percent to $4.82 a bushel by 0427 GMT, near the session low of $4.81-1/4 a bushel - the lowest since April 9. Wheat closed down 1 percent in the previous session. "The USDA raised their estimates of world and U.S. wheat inventories for season 2017, markets had expected slightly better numbers," said Tobin Gorey, director of agricultural strategy, Commonwealth Bank of Australia. The USDA raised its forecast of world 2017-18 wheat ending stocks to a record-high 271.2 million tonnes. Analysts also noted pressure from a sharp decline in Russia's currency that could diminish wheat export prospects in the United States and European Union. The negative market sentiment came despite continued concern about the condition of the U.S. crop. The USDA rated 30 percent of the U.S. winter wheat crop in good to excellent condition, down from 32 percent a week earlier and 53 percent a year ago. The figure fell below an average of analyst estimates for 31 percent. The most active soybean futures were up 0.2 percent at $10.50 a bushel, after closing 0.2 percent lower on Wednesday. The USDA trimmed its 2017-18 U.S. soybean ending stocks forecast to 550 million bushels, from 555 million bushels last month and below an average of analyst estimates for 574 million bushels. The most active corn futures were unchanged at $3.87 a bushel, having closed down 0.6 percent in the previous session. The USDA said the U.S. corn crop was 2 percent planted by Sunday, in line with trade expectations, but down 3 percent a year earlier.

Grains prices at 0427 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 482.00 -5.25 -1.08% -2.03% 475.05 61 CBOT corn 387.00 0.00 +0.00% -0.58% 384.49 56 CBOT soy 1050.00 2.25 +0.21% +0.00% 1042.23 60 CBOT rice 12.80 -$0.01 -0.08% -0.20% $12.44 75 WTI crude 67.11 $0.29 +0.43% +2.44% $63.22 70

Currencies

Euro/dlr $1.236 $0.000 -0.03% +0.06% USD/AUD 0.7750 0.000 -0.05% -0.12%

Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential

(Reporting by Colin Packham; Editing by Subhranshu Sahu)