GRAINS-Wheat eases after 3-month top on weather worries, global demand

Gus Trompiz and Naveen Thukral

* Chicago wheat set for seventh straight week of gains

* Dry weather worsens crop conditions in Australia, Argentina

* Corn ticks down, soybeans up as harvest, trade news awaited

(Updates with European trading, changes byline/dateline) PARIS/SINGAPORE, Oct 18 (Reuters) - Chicago wheat futures edged lower on Friday, pausing after a rally to a three-month high as traders assessed the prospect of tightening global supply due to sustained global demand at a time of poor crop weather in Argentina and Australia. Corn eased while soybeans ticked higher as investors awaited a clearer picture on a slow-moving U.S. harvest and further progress in U.S.-China trade talks after a commitment by Beijing last week to increase imports of U.S. agricultural goods. Wider financial markets also consolidated after a volatile week marked by a last-minute deal over Britain's planned exit from the European Union. The most-active wheat contract on the Chicago Board Of Trade was down 0.8% at $5.21-1/4 a bushel by 1011 GMT, easing back from Thursday's three-month top of $5.27. It was still set for a seventh consecutive weekly rise. Worsening crop prospects in southern hemisphere exporters Argentina and Australia, as well as weather-hampered spring wheat harvests in North America, have shifted attention away from large global wheat stocks. Australia's wheat production this year is expected to drop to 15.5 million tonnes, National Australia Bank said as it cut its outlook to well below recent market estimates of around 19 million tonnes. In Argentina, meanwhile, rains have not been strong enough to help wheat fields after weeks of dryness, the Buenos Aires Grains Exchange said on Thursday. "We are missing 5 million tonnes of wheat between Australia and Argentina," said Ole Houe, director of advisory services at brokerage IKON Commodities in Sydney. "This is typically that time of the year when we on the other side of the northern hemisphere build risk premium." The firm trend in wheat futures was also supported by international demand, with Saudi Arabia holding a tender to buy 595,000 tonnes of wheat following a 405,000 tonne purchase on Wednesday by Egypt. However, a lack of confirmation of Chinese buying of U.S. wheat following market rumours on Thursday encouraged consolidation in Chicago futures on Friday. Grain markets were generally awaiting further developments in negotiations between Washington and Beijing. White House economic adviser Larry Kudlow said on Thursday that China's "serious commitment" to buy $40 billion to $50 billion worth of U.S. agricultural goods as part of a so-called first phase trade deal would depend in part on private companies and market conditions. Chicago soybeans were 0.2% higher at $9.33-1/4 a bushel while corn was down 0.6% at $3.92-1/2. Wintry weather in the past week has added to uncertainty about the size of this year's U.S. corn and soybean harvests after crops endured soggy planting conditions in spring. The U.S. Department of Agriculture said it would collect additional information on acreage in Minnesota and North Dakota following snowfall and could publish changes in its Nov. 8 crop report.

Prices at 1011 GMT

Last Change Pct End Ytd PctMove 2018 MoveCBOT wheat 521.25 -4.25 -0.81 503.25 3.58CBOT corn 392.50 -2.25 -0.57 375.00 4.67CBOT soy 933.25 1.75 0.19 895.00 4.27Paris wheat Dec 180.00 -1.25 -0.69 191.25 -5.88Paris maize Nov 164.50 -0.50 -0.30 175.25 -6.13Paris rape Nov 378.25 -2.50 -0.66 364.00 3.91WTI crude oil 54.28 0.35 0.65 45.41 19.53Euro/dlr 1.11 0.00 0.05 1.1469 -2.97

Most active contracts - Wheat, corn and soy US cents/bushel, Paris futures in euros per tonne

(Reporting by Gus Trompiz in Paris and Naveen Thukral in Singapore; Editing by Subhranshu Sahu and David Evans)