GRAINS-Soy and corn pause after rally with Trump tariffs in focus

Updates at 1313 GMT, changes dateline

PARIS/CANBERRA, Jan 22 (Reuters) - Chicago corn and soybean futures eased from the previous session's multi-month peaks on Wednesday as investors assessed U.S. President Donald Trump's early statements on tariffs after his inauguration on Monday.

Grain markets were also monitoring weather prospects in South America, with forecasts suggesting some rain in parched Argentine crop belts in the week ahead.

Wheat ticked up, holding near a one-month high from Tuesday when it tracked gains in corn and soy while finding additional support from worries over severe cold in U.S. crop belts.

The most active corn contract on the Chicago Board of Trade (CBOT) Cv1 was down 0.2% at $4.89 a bushel by 1313 GMT, close to Tuesday's 13-month high.

CBOT soybeans Sv1 dipped 0.4% to $10.63 a bushel, holding near a four-month high from the previous session.

CBOT wheat Wv1 was up 0.1% at $5.59-1/2 a bushel.

Traders said Tuesday's rally was largely because Trump did not immediately impose tariffs on imports from multiple countries.

But he did say he was considering imposing 25% duties on imports from Canada and Mexico from Feb. 1, and later threatened the European Union with tariffs while saying his administration was discussing a 10% punitive duty on Chinese imports.

"The grains sector ... has ebbed and flowed on Trump news, with soybeans rising strongly ... only to suffer a setback after Trump said his threat to hit all Chinese goods with a 10% tariff was still on the table — a move that could prompt retaliation from China, the world’s biggest soybean importer," Saxobank said.

Hot weather in Argentina has kept attention on possible yield loss for corn and soy crops after only modest rain last weekend, though latest forecasts pointed to rain returning in the coming days.

Weather charts also suggested heavy rain that has slowed the start of Brazil's soy harvest and planting of its second corn crop may ease this week.

Expectations for a record Brazilian soybean crop have hung over the oilseed market in recent months.

On the demand side, traders were assessing a Reuters report that China has stopped receiving Brazilian soybean shipments from five entities after cargoes did not meet phytosanitary requirements, according to sources.

(Reporting by Gus Trompiz in Paris and Peter Hobson in Canberra; Editing by Savio D'Souza, Sumana Nandy and Christina Fincher)

((gus.trompiz@thomsonreuters.com))