GRAINS-Soy eases as US-China deal disappoints, corn and wheat steady before USDA data

PARIS/BEIJING, June 12 (Reuters) - Chicago soybeans slipped for a second session on Thursday as disappointment over a lack of agricultural commitments in a U.S.-China trade truce hung over the market.

Corn and wheat ticked higher, with a slide in the dollar =USD and adjustments before U.S. Department of Agriculture supply-demand forecasts encouraging the cereal markets to consolidate after lows this week.

Mostly favourable crop conditions in the United States and in other major production zones worldwide continued to cap grain prices, traders said.

The most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 was down 0.3% at $10.47-1/4 per bushel by 1133 GMT.

On Wednesday, U.S. President Donald Trump expressed satisfaction with a deal to restore a fragile truce in the U.S.-China trade war, but grain traders noted agricultural trade was not mentioned, cooling hopes for a revival in massive soybean flows choked by Chinese retaliatory tariffs.

"Initial US-China trade optimism faded due to a lack of specifics about agricultural goods, with most of the focus on rare earths," Saxo Bank said in a note. "Instead, traders shifted their focus back to benign crop weather and today’s monthly supply/demand reports from the U.S. government."

In addition to the USDA's monthly world crop report, due at 1600 GMT, grain markets will get an update on demand from weekly U.S. export sales figures released by the USDA at 1230 GMT.

CBOT corn Cv1 was up 0.2% at $4.38 per bushel as it recovered from a six-month low on Tuesday. CBOT wheat Wv1 inched up 0.1% to $5.34-3/4 a bushel to come off an earlier two-week low.

In Europe, consultancy Strategie Grains and grain trade association Coceral both increased their forecasts for European Union wheat production in separate updates on Thursday.