CANBERRA/PARIS, June 25 (Reuters) - 
    Chicago wheat futures eased on Tuesday, staying near a
two-month low hit the previous day, as traders assessed global
supplies, especially in the European Union, India and top
exporter Russia.
  
    Soybean and corn futures fell as investors weighed the
impact of heat and then flooding on crops in the United States. 
        The most-active wheat contract on the Chicago Board of
Trade (CBOT) was down 0.5% at $5.68 a bushel by 1300 GMT
after falling to $5.64 on Monday, its lowest level since April
19.
  
    Wheat rallied to a 10-month high of $7.20 in May after
adverse weather in Russia led to sharp cuts to the country's
harvest estimates, but those price gains have almost completely
unwound.
    Argus on Monday cut its wheat production forecast for Russia
to a three-year low of 79.5 million metric tons, well below
estimates from Russian consultancies, which have stabilised in
recent weeks as the weather there improved.  
    Russian export prices are meanwhile declining as early
harvesting data showed high yields.  
    Another potential cause of tighter supply would be Indian
imports of wheat, with a government official saying that the
country has imposed limits on wheat stocks and may abolish or
trim the import tax on the grain. 
        "While this does not seem to play any role at present,
it would then only be a matter of time before this is reflected
in rising world market prices," Commerzbank said in a note.
  
        Meanwhile, 
    a heatwave
     spreading throughout Europe this week is set to take a
heavy toll on summer crops in the southeast but is good news for
farmers on the other side of the region after prolonged rains
flooded fields and hampered plants' growth, analysts said.
  
    Also, pressuring prices is a rapidly progressing U.S.
harvest that is giving good yields and improved cropping
conditions in exporters like Australia and Canada, Pistoia said.
    In other crops, CBOT September corn was down 1.3% at
$4.46 a bushel and soybeans was 0.8% lower at $11.22 a
bushel.
    While both markets are well supplied, weather concerns were
supporting prices, with forecast dryness in the Black Sea region
likely to stunt corn yields and heavy rain after near-record
temperatures in the United States threatening to take a toll on
soybeans and corn, whose condition deteriorated last week.
    
 Prices at 1300 GMT                         
                           Last     Change  Pct Move
 CBOT wheat                568.00   -3.00   -0.53
 CBOT corn                 446.00   -5.75   -1.27
 CBOT soy                  1122.00  -8.50   -0.75
 Paris wheat               220.00   -2.25   -1.01
 Paris maize               207.75   -1.25   -0.60
 Paris rapeseed            458.25   -3.75   -0.81
 WTI crude oil             81.22    -0.41   -0.50
 Euro/dlr                  1.07     0.00    -0.27
 Most active contracts - Wheat, corn and soy US
 cents/bushel, Paris futures in euros per ton
 
    

 (Reporting by Peter Hobson and Sybille de La Hamaide; Editing
by Rashmi Aich and Sohini Goswami)