GRAINS-Wheat rises after Russia trims harvest estimate

CANBERRA/PARIS, July 23 (Reuters) - Chicago wheat futures rose on Wednesday, extending gains from the previous session, after top exporter Russia trimmed its harvest and export forecasts, but gains were limited by ample global supply.

Soybean futures climbed following a decline in U.S. crop ratings and hopes that trade deals may boost demand for U.S. exports.

Corn rose slightly, clawing back some of Tuesday's losses, but forecasts for crop-friendly rain in U.S. grain belts and plentiful supply weighed.

The most active wheat contract on the Chicago Board of Trade (CBOT) Wv1 rose 0.2% to $5.50-1/2 a bushel by 1154 GMT.

Prices climbed 1.3% to their highest in a week and a half on Tuesday but are still not far from May's five-year low of $5.06-1/4.

CBOT soybeans Sv1 added 0.6% to $10.32 a bushel and corn Cv1 rose 0.3% to $4.19-1/4 a bushel.

Russia's agriculture minister said the country would produce 88 million to 90 million metric tons of wheat this year, versus the previous forecast of 90 million tons, and export 43 million to 44 million tons in the 2025-26 season, down from the earlier estimate of 45 million tons.

Despite the downgrade, it will still be a large harvest by historical standards, and the new crop is beginning to reach the market.

"Around the world, crops are in overall good shape," said Rabobank analyst Stefan Vogel, adding that plentiful supply would likely lead to bigger end-of-season inventories in several wheat-exporting nations.

Initial results of a crop tour in North Dakota's hard red spring wheat fields projected above-average yields in the southern part of the top-producing state following plentiful rains this summer, though the results fell short of a yield record set last year.

Meanwhile, France's soft wheat crop is expected to bounce back from year-ago lows, while India's wheat inventories rose to a four-year high this month.

A U.S.-Japan trade deal and U.S.-China talks next week are adding to hopes that President Donald Trump will get foreign buyers to step up U.S. farm goods purchases.