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GRAINS-Corn steadies while soybeans near multi-year peak

    * Corn tumbled on Monday after last week's eight-year peak
    * Market weighs weather for U.S. and Brazilian corn crops
    * USDA May 12 report in focus for gauge of supply strains
    * Soybeans and wheat firm after retreating on Monday

 (Updates with European trading, changes byline/dateline)
    By Gus Trompiz and Naveen Thukral
    PARIS/SINGAPORE, May 11 (Reuters) - Chicago corn futures edged higher on
Tuesday, consolidating after a steep pullback a day earlier, as the market
turned its attention to U.S. government forecasts for a gauge of tightening
grain stocks.
    Some better signs for crops, with U.S. wheat ratings improving last week and
rain set to reach some parched corn belts in Brazil, encouraged investors to
take a breather after a frenetic rally that took corn to an eight-year high on
Friday.
    Wheat also steadied after tumbling with corn on Monday, while soybeans
ticked up to draw close to Friday's 8-1/2 year peak as tight U.S. supplies
continued to underpin the oilseed market.
    The most-active corn contract on the Chicago Board of Trade (CBOT) was
up 1.2% at $7.20-1/4 a bushel at 1226 GMT.
    It had slid nearly 3% on Monday, retreating from Friday's high of $7.35-1/4,
a level not seen since March 2013.
    Rapidly progressing U.S. planting, beneficial moisture in the U.S. Midwest
and forecast showers in a portion of Brazil's dry south all contributed to
Monday's pullback in corn.
    Market participants are now watching for Wednesday's World Agricultural
Supply and Demand Estimates (WASDE), in which the U.S. Department of Agriculture
(USDA) will give its first global outlook for 2021/22.
    "The market is particularly nervous ahead of the first global USDA forecasts
for 2021/22," Commerzbank said, adding that Brazilian forecasting agency Conab
will also update crop estimates on Wednesday.
    Consultancy AgRural on Monday said it had cut its estimate for the country's
second corn crop in the Center South region owing to drought, adding to
expectations that Brazilian corn output will be below last year's.
    The USDA said after Monday's market close that U.S. farmers had planted 67%
of their intended corn acres as of Sunday, matching the average estimate in a
Reuters poll of analysts.
    CBOT soybeans were up 0.6% at $15.96-3/4 a bushel after reaching their
highest since October 2012 at $15.99-1/2 on Friday.
    CBOT wheat was up 1% at $7.38 a bushel.
    The USDA rated 49% of the U.S. winter wheat crop in good-to-excellent
condition, up 1 point from the previous week. Analysts on average had expected
no change.
    
 Prices at 1226 GMT                                                  
                               Last  Change    Pct      End   Ytd Pct
                                              Move     2020      Move
  CBOT wheat                 738.00    7.50   1.03   640.50     15.22
  CBOT corn                  720.25    8.50   1.19   484.00     48.81
  CBOT soy                  1596.75    9.25   0.58  1311.00     21.80
  Paris wheat Sep            226.50    3.00   1.34   192.50     17.66
  Paris maize Jun            258.00    1.25   0.49   198.75     29.81
  Paris rape Aug             532.50    0.50   0.09   393.00     35.50
  WTI crude oil               64.13   -0.79  -1.22    48.52     32.17
  Euro/dlr                     1.22    0.00   0.33   1.2100      0.57
 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 Goodman
)
  
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