GRAINS-Soybeans tip lower on lack of Chinese demand; corn rises on export sales

By Heather Schlitz

CHICAGO, Aug 28 (Reuters) - Chicago soybean futures extended their fall on Thursday on a lack of Chinese demand for the U.S. oilseed while corn futures ticked higher on strong export sales data, analysts said.

Wheat chopped up and down but remained under pressure from ample global supply and beneficial rains in the U.S. Plains.

Chicago Board of Trade most-active corn Cv1 was last 3 cents higher at $4.09 a bushel as of 12:30 p.m. CT (1730 GMT), and soybeans Sv1 slid 1-1/2 cents to $10.46 a bushel.

U.S. farmers are on track to harvest the nation's biggest corn crop in history this autumn, as well as a bumper soybean crop. Despite decent export sales, China's absence in the market has kept a ceiling on soybean futures.

"Sales in the big picture are pretty light," Mark Schultz, analyst at Northstar Commodity, said.

However, senior Chinese trade negotiator Li Chenggang is expected to travel to Washington this week to meet U.S. officials for trade talks, a U.S. government spokesperson said.

Wheat futures Wv1 were last 2 cents higher at $5.26-1/4 a bushel, after falling to $5.22-1/4 a bushel earlier on Thursday, a price last seen on August 20. It had already scored a one-week low in the previous session.

Wheat prices are facing headwinds amid higher production forecasts in major exporting countries and expected rainfall in U.S. winter wheat-growing areas in the coming days, analysts said.

Australia is on track to produce 32 million to 35 million metric tons of wheat in its upcoming harvest, said analysts, who raised their forecasts after an improvement in crop conditions and noted they could further upgrade them.