* Chicago wheat gives back some of 3% gains from Tuesday * Some frost damage seen in U.S. Plains but too early to assess * Dollar rise also curbs Chicago grain futures * Corn, soy markets eye updates on South America crops, U.S. acreage (Updates with European trading, changes byline/dateline) By Gus Trompiz and Naveen Thukral PARIS/SINGAPORE, Feb 17 (Reuters) - Chicago wheat fell on Wednesday as market participants awaited a clearer picture of potential damage to U.S. crops after severe winter weather sent prices up more than 3% in the previous session. Soybeans were little changed after a three-day rally, and corn ticked lower as the markets assessed South American crop weather. A broad rise in the dollar curbed gains in Chicago futures. The most-active wheat contract on the Chicago Board of Trade (CBOT) was down 1.4% at $6.52-1/2 a bushel by 1252 GMT. It earlier rose to a two-week high of $6.65, extending Tuesday's 3.3% gain, before turning lower. A severe cold spell in a swathe of the U.S. Plains since last week has raised fears that wheat plants with limited snow cover will be hurt. However, analysts said so-called winterkill damage was hard to measure before crops emerge from dormancy. "Many in the market fear that those very cold temperatures will have killed enough U.S. winter wheat crop to tighten 2021 supply. (But) not everyone is quite so convinced that the losses will be large," said Tobin Gorey, director of agricultural strategy at the Commonwealth bank of Australia. The intense cold is forecast to ease later this week in most of the U.S. Plains. CBOT soybeans inched down a quarter of a cent to $13.84-1/2 a bushel while corn eased 0.2% to $5.51 a bushel. Soybeans have been supported by strong demand and the slow arrival of Brazil's new crop. More rainfall is expected in parts of Brazil in the week ahead, but harvesting was still expected to progress, while in Argentina showers could ease dryness. "We're having a bit of a breather in the market while we see a window in South American weather that's more conducive for crops," Michael Magdovitz, commodity analyst at Rabobank, said. "The U.S. dollar's strength today is probably limiting gains," he added. Attention in corn and soybean markets was also turning to the U.S. Department of Agriculture's annual Agricultural Outlook Forum later this week in which the USDA will give updated forecasts for U.S. planting. Prices at 1252 GMT Last Change Pct End Ytd Pct Move 2020 Move CBOT wheat 652.50 -9.00 -1.36 640.50 1.87 CBOT corn 551.00 -1.25 -0.23 484.00 13.84 CBOT soy 1384.50 -0.25 -0.02 1311.00 5.61 Paris wheat Mar 229.75 -0.75 -0.33 213.25 7.74 Paris maize Mar 221.00 0.00 0.00 198.50 11.34 Paris rape May 461.75 0.25 0.05 412.00 12.08 WTI crude oil 61.14 1.09 1.82 48.52 26.01 Euro/dlr 1.21 0.00 -0.33 1.2100 -0.30 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 Steve Orlofsky)
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GRAINS-Wheat eases after cold weather rally; corn, soy consolidate - Successful Farming
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