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GRAINS-Soybeans consolidate amid firm Chinese demand, corn hits 1 yr high

* Soybeans rise on Chinese buying, Brazil dryness

* Corn lifted by delayed crops in Argentina, Brazil (Adds details, quote)

SINGAPORE/LONDON, Oct 15 (Reuters) - Chicago soybeans steadied on Thursday following two days of gains that came amid continued strong demand from China and dry weather in Brazil.

Corn was flat after hitting its highest in a year, while wheat futures gained more ground.

“It is the same story for the soybean market for around a month now. Chinese demand is driving prices higher,” said Ole Houe, director of advisory services at broker IKON Commodities in Sydney. “Things are not getting better in Brazil.”

The most-active soybean contract on the Chicago Board Of Trade (CBOT) was down 0.4% at $10.51-1/3 a bushel by 1152 GMT, after gaining 1.2% on Wednesday.

Corn was flat at $3.96-1/2 a bushel, having hit its highest in a year at $4.00, and wheat gained 1.1% to $6.03-1/4 a bushel, having closed up 0.5% on Wednesday.

“The delayed (corn) crops in Argentina and also Brazil will need watching into 2021,” said CRM AgriCommodities in a note.

The U.S. Department of Agriculture (USDA) said private exporters sold 420,000 tonnes of U.S. corn to China for delivery in the 2020/21 marketing year.

The USDA also reported 264,000 tonnes of U.S. soybean sales to China on Wednesday morning.

Rains in Brazil have been patchy, threatening the country’s soybean planting cycle, experts said.

Commodity funds were net buyers of CBOT corn, soybeans, soymeal, wheat and soyoil futures contracts on Wednesday, traders said.

Strategie Grains has raised its outlook for soft wheat exports from the European Union and Britain in 2020/21, citing better competitiveness on world markets after a rise in Black Sea wheat prices.

Jordan is tendering to buy 120,000 tonnes of milling wheat which can be sourced from optional origins, while Japan bought 87,110 tonnes of food quality wheat from the United States and Canada in a regular tender.

South Korea purchased about 60,000 tonnes of corn expected to be sourced from Brazil in an international tender Thursday. .

Editing by Kirsten Donovan