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* Corn firms after last 2 sessions of deep losses
* Soy market cautious while tracking US-China trade tensions
* (Adds quotes, updates prices)
LONDON, Aug 14 (Reuters) - Chicago soybean futures eased slightly on Wednesday as the market's focus remained on U.S.-China trade tensions while corn and wheat rose on bargain-buying after falling sharply earlier in the week.
The most-active soybean contract on the Chicago Board of Trade was down a marginal 0.06 percent at $8.88-1/2 a bushel at 1040 GMT after rising by 1.3 percent on Tuesday.
U.S. President Donald Trump on Tuesday criticised China for not following through with expected large purchases of U.S. agricultural products, but appeared hopeful that Beijing's stance could change.
"There seems to be some support for beans on easing of trade tensions between Washington and Beijing, although I think it's very early and this issue is very much still live," said Phin Ziebell, agribusiness economist, National Australia Bank.
"There is plenty of room for caution."
Corn rebounded after losing nearly 10 percent in the last two sessions with the most active CBOT contact up 1.1 percent at $3.80-3/4 a bushel.
The U.S. Department of Agriculture raised its outlook for this year's U.S. corn production on Monday as it reduced its estimate of rain-hit plantings by less than expected, while increasing its harvest yield projection.
For the 2019-20 crop year, the corn harvest will total 13.901 billion bushels, based on an average yield of 169.5 bushels per acre, the USDA predicted in its monthly supply and demand report.
"Grain markets are higher as traders attempt to sort out the reality of U.S. acreage vs the data given to the market this week. Upcoming crop tours and yield surveys will be important as the market gauges the potential for lower yields," brokerage Allendale said in a market note.
The most active CBOT wheat contract rose 1.5 percent to $4.79-1/4 a bushel, while December wheat on Paris-based Euronext was up 0.7 percent at 172.50 euros a tonne.
Dealers were keeping a close watch on the decline in the currency of key exporter Argentina linked to rising fears of a return to populist policies.
"This makes it more attractive for Argentinian suppliers to ship to international markets because it increases their returns in domestic pesos when trading in USD-priced products," Commerzbank said in a market note.
"However, many market participants are waiting to see whether the currency will depreciate any further." (Additional reporting by Naveen Thukral in Singapore; Editing by Shounak Dasgupta and David Evans)