Corn still supported by ethanol demand surge Soybeans inch up,...

• Corn still supported by ethanol demand surge
• Soybeans inch up, wheat ticks lower
• Grain markets await weekly U.S. export sales

(Updates with European trading, changes byline/dateline)

Chicago corn futures edged lower on Thursday, consolidating below a two-month high struck a day earlier as falling crude oil curbed support from a recent boom in ethanol demand.

Wheat tracked corn lower, while soybeans inched up. Traders were waiting for weekly U.S. export sales data later on Thursday for an update on international demand.

The most-active corn futures on the Chicago Board Of Trade Cv1 were down 0.2% at $5.56 a bushel by 1139 GMT.

They had gained 2.5% in the previous session when prices hit their highest since Aug. 19 at $5.63-1/4.

Crude oil extended a retreat from a seven-year peak earlier this week. However, corn remained well underpinned by a surge in output for corn-based ethanol fuel, as highlighted by U.S. Energy Information Administration data on Wednesday showing the second biggest weekly production pace on record.

"The market got further support from ethanol prices and demand," said Tobin Gorey, director of agricultural strategy, Commonwealth Bank of Australia.

"The market also has some worries about corn harvests in Europe." Rain delays to corn harvesting in Europe, as well as in parts of the U.S. Midwest and China, have created short-term supply concerns, despite expectations for large crops.

CBOT soybeans Sv1 were up 0.1% at $12.50-1/2 a bushel, consolidating near Wednesday's 2-1/2 week high.

Signs of an upturn in Chinese demand for U.S. soybeans has supported prices, countering supply pressure from U.S. harvesting and South American planting.

CBOT wheat Wv1 was down 0.2% at $7.54-3/4 a bushel, trading near a two-month top reached at the start of the week.

Wheat markets remained underpinned by steady import demand, the late arrival of corn crops and early worries about prospects for next year's wheat harvests. Prices at 1139 GMT

								Last  Change	Pct	  End  Ytd Pct 
											   Move	 2020	 Move 
  CBOT wheat  Wv1			 758.25   -1.50  -0.20   640.50	18.38 

CBOT corn Cv1 556.00 -1.25 -0.22 484.00 14.88 CBOT soy Sv1 1250.50 0.75 0.06 1311.00 -4.61 Paris wheat Dec BL2Z1 284.50 -0.25 -0.09 192.50 47.79 Paris maize Nov EMAc1 243.25 -0.75 -0.31 219.00 11.07 Paris rape Nov COMc1 685.00 -6.25 -0.90 418.25 63.78 WTI crude oil CLc1 81.28 -1.38 -1.67 48.52 67.52 Euro/dlr EUR= 1.16 0.00 0.01 1.2100 -4.09 Most active contracts - Wheat, corn and soy US cents/bushel, Paris futures in euros per tonne