* USDA trims corn, soybean supply less than expected

* Renewed talk of Russian export curbs supports wheat
(Rewrites throughout, adds quote, updates prices, changes
byline, changes dateline from PARIS/SINGAPORE)

By Karl Plume

CHICAGO, Dec 10 (Reuters) – U.S. corn and soybean futures
turned lower on Thursday after the U.S. Department of
Agriculture (USDA) trimmed its soybean supply outlook by less
than expected and left its corn stocks view unchanged in an
monthly report.

Wheat futures pulled back from earlier highs on spillover
pressure from retreating corn and soybeans, but the market clung
to earlier gains amid signs of possible export curbs by top
supplier Russia.

Grain and soybean futures had built in solid price premiums
heading into USDA’s December supply-and-demand report as
analysts had expected the agency to cut corn and soybean
supplies amid robust demand and dry weather in South American
crop areas.

The agency made smaller-than-anticipated cuts to supplies of
both commodities while expected demand increases disappointed
traders.

“I’m not going to say the report was bearish. I just don’t
think it was necessarily bullish enough to inspire continued
buying,” said Joe Vaclavik, president of Standard Grain
brokerage.

“The old saying is ‘you’ve got to feed the bull.’ It was not
enough to feed the bull.”

Brazil’s CONAB cut its corn and soybean crop outlooks on
Thursday, citing dry conditions. The USDA left its Brazilian
crop forecasts unchanged.

Chicago Board of Trade (CBOT) January soybeans were
down 1-1/2 cents at $11.57 a bushel at 12:15 p.m. CST (1815
GMT), while March corn fell 1-3/4 cents to $4.22 a bushel.

CBOT March wheat was 8-1/4 cents higher at $5.91-1/2 a
bushel after peaking at a 1-1/2 week high of $5.99-1/2.

Wheat prices drew support from renewed signs that Russia,
the world’s top wheat supplier, may curb exports. The country is
considering imposing a grain export quota and wheat export tax
for Feb. 15-June 30, following President ’s
criticism of rising food prices, sources told Reuters.

(Additional reporting by Gus Trompiz in Paris and Naveen Thural
in Singapore; Editing by Kirsten Donovan)

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