* Wheat down 2 pct, extending Wednesday's 1 pct drop
* Focus back on high world stocks despite U.S. crop risks
* Soybeans edge higher, corn eases ahead of export data
(Updates with European trading, changes byline/dateline) PARIS/SYDNEY, April 12 (Reuters) - Chicago wheat futures slipped 2 percent on Thursday as attention shifted from weather risks for U.S. crops back to ample global supplies. Soybeans edged higher while corn ticked lower. Grain traders were awaiting weekly U.S. export sales data for further direction, while broader markets were assessing the likelihood of military conflict between Western and Russian powers in Syria. The most active wheat futures on the Chicago Board of Trade were down 2 percent at $4.77-1/2 a bushel by 1110 GMT, adding to a 1 percent loss from the previous session. The U.S. Department of Agriculture's (USDA) higher than expected projection of world wheat stocks in a crop report on Tuesday has turned attention back towards abundant supplies, with the USDA pegging global stocks at a record high.
"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 at Commonwealth Bank of Australia. A drop in the rouble this week, amid escalating tensions between the United States and Russia, has also pressured wheat markets by adding to the competitiveness of Russian wheat, which has dominated export markets this season. Weather forecasts for heavier rain in the U.S. Plains at the end of next week also pressured prices, though analysts said growing conditions remained unfavourable. The USDA on Monday 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. Winter wheat has endured late frosts since last week in addition to persistent drought. Cold weather could also delay planting of spring wheat, which has been expected to gain area this year. "Further threats to U.S. winter wheat yield mountings as drier than average conditions persist over the Southern Plains, and more potentially damaging cold on the way," Thomson Reuters Agriculture Research analysts said. CBOT soybean futures were up 0.2 percent at $10.49-3/4 a bushel as the contract consolidated after rallying on the back of the USDA's lower than expected U.S. soybean ending stocks forecast on Tuesday. Corn was down 0.4 percent at $3.85-1/2. Grain traders will be looking for further clues about overseas demand in weekly USDA export data at 1230 GMT, including any more soybean sales to drought-hit Argentina.
Prices at 1110 GMT
Last Chang Pct End Ytd Pct e Move 2017 Move CBOT wheat 477.50 -9.75 -2.00 427.00 11.83 CBOT corn 385.50 -1.50 -0.39 350.75 9.91 CBOT soy 1049.75 2.00 0.19 961.75 9.15 Paris wheat May 165.75 -0.75 -0.45 162.50 2.00 Paris maize Jun 166.75 -0.50 -0.30 163.50 1.99 Paris rape May 347.50 0.25 0.07 352.75 -1.49 WTI crude oil 66.67 -0.15 -0.22 60.42 10.34 Euro/dlr 1.23 0.00 -0.21
Most active contracts - Wheat, corn and soy US cents/bushel, Paris futures in euros per tonne
(Reporting by Gus Trompiz in Paris and Colin Packham in Sydney; Editing by Subhranshu Sahu and David Goodman)