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GRAINS-Corn, soybeans consolidate after lows as USDA report looms

    * Corn holds above 7-1/2 month low, soybeans near 2-1/2 month low
    * Market expects USDA to raise U.S. harvest outlook in 1600 GMT report
    * Hurricane disruption to exports also weighs on U.S. market
    * Wheat around seven-week low as world supply concerns ease

 (Updates with European trading, changes byline/dateline)
    By Gus Trompiz and Naveen Thukral
    PARIS/SINGAPORE, Sept 10 (Reuters) - Chicago corn and soybean futures inched
up on Friday, consolidating near multi-month lows before a much-anticipated crop
report in which the U.S. government is expected to raise harvest forecasts.
    Wheat edged lower to touch a new seven-week low, pressured by weakness in
corn and soy as well as easing concerns about global export supplies.
    The U.S. Department of Agriculture's monthly supply and demand report, due
at 1600 GMT, has attracted greater interest as it is set to incorporate updated
an acreage survey.
    Favourable late-summer weather has added to expectations that the USDA will
increase its corn yield projection after surprising the market with a downward
revision last month.
    "For the U.S market, corn is the grain benchmark so if the corn crop is good
the rest follows on," a European trader said.
    The most-active corn contract on the Chicago Board of Trade (CBOT) was
up 0.3% at $5.11-1/4 a bushel as of 1133 GMT, recovering from Thursday's 7-1/2
month low of $5.04-1/4. 
    CBOT soybeans ticked up 0.3% to $12.73-3/4, near Thursday's 2-1/2
month low. Wheat inched down a quarter of a cent to $6.92 after earlier
touching its weakest since late July. 
    The U.S. market has also been curbed by disruption to U.S. Gulf export
terminals following Hurricane Ida.
    "The resulting slowing of shipments from the (U.S. Gulf) region, together
with a potential surge in global COVID levels and talk of slowing Chinese import
demand, may keep markets on the defensive in the short term," British merchant
ADM Agriculture said in a note.
    China has lowered its 2021/2022 outlook for consumption of corn use in
animal feed as hog prices stay low, the agriculture ministry said on
Friday.
    The grain market will get an update on overseas demand from weekly U.S.
export sales data due at 1230 GMT.
    The wheat market has faced supply pressure after an increase in Canadian
stocks and improved harvest prospects in Australia and Argentina.

    
 Prices at 1133 GMT                                                  
                               Last  Change     Pct      End  Ytd Pct
                                               Move     2020     Move
  CBOT wheat                 692.00   -0.25   -0.04   640.50     8.04
  CBOT corn                  511.25    1.25    0.25   484.00     5.63
  CBOT soy                  1273.75    3.25    0.26  1311.00    -2.84
  Paris wheat Dec            238.25   -1.25   -0.52   192.50    23.77
  Paris maize Nov            213.25   -0.25   -0.12   219.00    -2.63
  Paris rape Nov             573.00    3.00    0.53   418.25    37.00
  WTI crude oil               69.37    1.23    1.81    48.52    42.97
  Euro/dlr                     1.18    0.00    0.08   1.2100    -2.20
 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
Shounak Dasgupta and Louise Heavens)
  
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