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* Market weighs Midwest weather, awaits USDA Aug. 12 data
* Showers could help Midwest crops but rain coverage unclear
* Weak Chinese demand hangs over U.S. soybean market
* Wheat ticks down as big supplies, steady dollar weigh
(Updates with European trading, changes byline and dateline) PARIS/SYDNEY, Aug 7 (Reuters) - U.S. corn and soybean futures edged higher on Wednesday as traders assessed rain forecasts for the Midwest after a recent dry spell, while looking ahead to a government report expected to revise acreage estimates following rain-hit planting in spring. Wheat ticked lower to extend losses from Tuesday's technical slide, with northern hemisphere harvests and a steady dollar helping keep a lid on prices. The return of rain this week weighed on corn prices on Tuesday by suggesting welcome moisture for developing crops, but forecasts differed as to how much precipitation would fall in the week ahead. "Some U.S. corn regions are returning to a drier weather pattern over the next week or so," said Tobin Gorey, director of agricultural strategy at Commonwealth Bank of Australia. Trading was hesitant as investors looked ahead to next Monday's U.S. Department of Agriculture (USDA) monthly supply and demand report. The publication is anticipated for its updated corn and soybean planting estimates, amid widely differing market assessments of this year's acreage.
The most active corn futures on the Chicago Board Of Trade were up 0.2% at $4.13-1/2 a bushel, having ended slightly lower in the previous session. The most active CBOT soybean futures were up 0.2% at $8.67-3/4 a bushel, having closed marginally lower on Tuesday. The risk of prolonged weakness in Chinese demand for U.S. supplies was also hanging over the soybean market. China has halted purchases of U.S. agricultural goods in a deepening trade dispute with Washington, while overall Chinese demand for soybeans is set to be cut by a swine disease that has decimated the world's biggest pig herd.
"The U.S. market ... risks seeing an oversupply of soybeans despite a lower crop for acreage reasons," Commerzbank said, referring to reduced Chinese demand. CBOT wheat was down 0.4% at $4.82-1/4 a bushel, as it struggled to recover from a 2% slide on Tuesday. Abundant global supplies of wheat remained an obstacle for U.S. export prospects, while a firm dollar has also made U.S. supplies less competitive.
No U.S. wheat was offered in a tender held by Egypt on Tuesday, in which the world's top wheat importer purchased 415,000 tonnes of Russian, Romanian and Ukrainian crop.
Prices at 1039 GMT
Last Change Pct End Ytd PctMove 2018 MoveCBOT wheat 482.25 -1.75 -0.36 503.25 -4.17CBOT corn 413.50 1.00 0.24 375.00 10.27CBOT soy 867.75 2.00 0.23 895.00 -3.04Paris wheat Dec 175.00 -0.50 -0.28 191.25 -8.50Paris maize Nov 170.50 0.00 0.00 175.25 -2.71Paris rape Nov 373.50 0.00 0.00 364.00 2.61WTI crude oil 53.38 -0.25 -0.47 45.41 17.55Euro/dlr 1.12 0.00 -0.16 1.1469 -2.52
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 Gopakumar Warrier and David Holmes)