* Corn hits new highest since June 2013 * U.S. export, supply-demand data awaited for China update * Lower Brazil corn crop estimate adds to S. America concerns * Soybeans, wheat little changed (Updates with European trading, changes byline/dateline) By Gus Trompiz and Colin Packham PARIS/CANBERRA, Feb 4 (Reuters) - U.S. corn futures edged higher on Thursday to set a new 7-1/2 year high as a wave of Chinese demand and doubts over Brazilian harvest prospects continued to support prices. Soybeans were little changed as traders weighed rain delays to soy harvesting in Brazil. Wheat ticked lower. Price movements were limited as grain markets awaited weekly U.S. Department of Agriculture export sales data later on Thursday and monthly USDA supply and demand forecasts next Tuesday for a fresh indication of Chinese demand. The most-active corn futures on the Chicago Board Of Trade were up 0.9% at $5.57 a bushel by 1249 GMT. The contract earlier rose to $5.58, its highest since June 2013 and just above a previous 7-1/2 year peak earlier this week. Rallying corn prices contributed to an increase in the United Nations' global food price index to a 6-1/2 year high last month, the UN's Food and Agriculture Organization said on Thursday. Chicago corn was being underpinned by last week's multi-million tonne sales of U.S. corn to China. A reduced estimate for Brazilian corn production by the USDA's local office also put attention on supply risks in South America. The attache's 105 million tonnes estimate compares with the USDA's official forecast of 109 million tonnes. "Operators are waiting (to see) whether the USDA will correct its export figures, particularly for corn," consultancy Agritel said. "Brazil's corn production could be revised downwards because of the late sowing taking place after the soybean harvest." Rainfall has slowed the start of Brazil's soybean harvest, creating uncertainty about how soon Brazilian exports will be available, while also preventing farmers from starting planting of the country's second corn crop. However, recent rainfall in South America is also expected to have averted some yield losses after an earlier drought, particularly in Argentina. CBOT soybeans inched up three-quarters of a cent to $13.72 a bushel, while wheat was down 0.4% at $6.46 a bushel. Wheat traders were assessing a latest Russian announcement regarding export taxes, with the government saying it plans to launch a permanent mechanism on April 1. Prices at 1249 GMT Last Change Pct End Ytd Pct Move 2020 Move CBOT wheat 646.00 -2.25 -0.35 640.50 0.86 CBOT corn 557.00 5.00 0.91 484.00 15.08 CBOT soy 1372.00 0.75 0.05 1311.00 4.65 Paris wheat Mar 225.75 1.00 0.44 213.25 5.86 Paris maize Mar 217.50 1.25 0.58 198.50 9.57 Paris rape May 439.25 2.75 0.63 412.00 6.61 WTI crude oil 56.09 0.40 0.72 48.52 15.60 Euro/dlr 1.20 0.00 -0.37 1.2100 -0.92 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 Canberra; Editing by Devika Syamnath and Susan Fenton)
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GRAINS-Corn firm at 7-1/2 year top as Chinese demand, Brazil crop in focus - Successful Farming
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