PARIS/CANBERRA, July 9 (Reuters) - Chicago wheat and
corn futures were little changed on Tuesday after sharp declines
on Monday, while soybeans hovered around their lowest levels
since November 2020 as expectations of ample supplies from
northern hemisphere harvests hung over the market.
    The most-active wheat contract on the Chicago Board of Trade
(CBOT) edged up 0.1% at $5.71 a bushel by 1124 GMT,
recovering from a one-week low on Monday.
    CBOT corn inched down 0.1% to $4.07-1/4 a bushel. The
benchmark found support at the $4 psychological level after
approaching a four-year low on Monday.
    CBOT soybeans eased 0.5% to $10.94-1/4 a bushel, after
hitting their lowest level since November 2020 for a second
straight session.
    Market expectations of favourable growing conditions for
U.S. corn and soybeans as well as brisk winter wheat harvesting
were supported by weekly data released after Monday's close.
    The U.S. Department of Agriculture (USDA) increased its
ratings of corn, soy and spring wheat crops while estimating
that nearly two-thirds of winter wheat had been cut.
    Supply pressure has also come from improving conditions for
wheat in top exporter Russia, taking attention away from
rain-affected prospects in France where the farm ministry said
on Tuesday it expects the main wheat crop to shrink by 15% from
last year.
    Meanwhile, farmers in Brazil's center-south region had
harvested 63% of their second corn crop for the 2024 cycle as of
last Thursday, consultants AgRural said.
    "These are well supplied markets," said Andrew Whitelaw at
consultants Episode 3 in Canberra said of grains.
    Speculators have been betting heavily on falling prices by
expanding short positions.
    However, the market remains sensitive to any weather upset
during the U.S. growing season while attention is also turning
to Friday's USDA monthly supply and demand forecasts for a fresh
gauge of harvest prospects.
    "Funds are now dangerously short in markets like corn,
cotton and soybeans," Peak Trading Research said in a note.
    "These markets are effectively out of sellers. Any bullish
fundamental or non-fundamental catalysts will be overtraded to
the upside."
    
    
 Prices at 1124 GMT                       
                         Last     Change  Pct Move
 CBOT wheat              571.00   0.50    0.09
 CBOT corn               407.25   -0.50   -0.12
 CBOT soy                1094.25  -5.25   -0.48
 Paris wheat             221.25   0.00    0.00
 Paris maize             214.75   1.50    0.70
 Paris rapeseed          488.25   -5.50   -1.11
 WTI crude oil           81.94    -0.39   -0.47
 Euro/dlr                1.08     0.00    -0.06
 Most active contracts - Wheat, corn and soy US
 cents/bushel, Paris futures in euros per metric
 ton
 
    

 (Reporting by Gus Trompiz in Paris and Peter Hobson in
Canberra; Editing by Rashmi Aich and Varun H K)