GRAINS-Corn and soybeans ease after rally, wheat holds gains

Updates at 1304 GMT, changes dateline

CANBERRA/PARIS, Jan 30 (Reuters) - Chicago corn futures edged down on Thursday, consolidating after touching a 15-month high a day earlier when dry weather in Argentina and slow planting in Brazil rekindled supply concerns.

Soybeans also eased after rallying on Wednesday, while wheat was near flat as it held sharp gains from the previous session.

Broad strength in the dollar USD= after the U.S. Federal held interest rates helped check grain prices. FRX/

Traders were also awaiting weekly U.S. export sales data later on Thursday for an update on demand.

The most-active wheat contract on the Chicago Board of Trade Wv1 was up 0.04% at $5.62-3/4 a bushel by 1304 GMT.

CBOT corn Cv1 was down 0.55% at $4.94-1/4 a bushel while CBOT soybeans were 0.90% off at $10.51 a bushel

Grain markets have been monitoring weather forecasts in South America, where drought in Argentina and heavy rain in Brazil have raised doubts over supply.

Disappointment over rainfall in Argentina in recent days, as well as worries over delays to soybean harvesting and subsequent corn planting in Brazil, encouraged short-covering on Wednesday.

In wheat, reduced forecasts for Russian exports as the country faces a smaller harvest and an upcoming government quota fuelled buying by speculators this week.

"Supply is tightening up in the Black Sea. You just need a bit of a supply scare. Speculators are starting to unwind that short position," said Rod Baker, an analyst at Australian Crop Forecasters in Perth.

After Russia's agriculture minister on Wednesday said the country's 2024/25 grain exports would be around 20% lower than in 2023/24 due to poor weather, consultancy Sovecon said on Thursday it had revised down its Russian wheat export forecast for 2024/2025 to 42.8 million tons from 43.7 million.