PARIS/BEIJING - Chicago soybean prices eased on Friday as recession fears cast a pall on commodity markets and traders took a cautious view on the U.S. government's sharp cut to its soybean planting estimate. After an initial rally following Thursday's U.S. Department of Agriculture acreage report, the market was waiting to see if the steep downward revision to soybean planting would be amended later in the season.

"The USDA also said it will resurvey some places," said a China-based trader, referring to the agency's plan to collect updated planting information in some states.

Corn and wheat edged higher on Friday, recovering from fresh multi-month lows hit earlier in the session as participants adjusted positions before a holiday weekend in the United States.

The most-active soybean contract on the Chicago Board of Trade (CBOT) was down 0.6% at $14.48-3/4 a bushel by 1151 GMT.

Vegetable oil markets including soyoil fell as risks of an economic downturn stoked demand concerns, though mineral oil rose due to supply outages.

An increase in the USDA's estimates of corn and wheat acreage weighed on the cereal markets on Thursday, adding to recent pressure from improving Midwest weather and advancing winter wheat harvesting.

CBOT corn added 0.8% to $6.24-3/4 bushel and wheat rose 0.6% to $8.89-1/2 a bushel. Both markets touched their lowest since February earlier in the session. In wheat, harvest progress in the United States and Europe has tempered supply worries fuelled by Russia's invasion of Ukraine this year.

"Another negative week for prices as the advancing U.S. harvest, continued talks around the Ukrainian export corridors, concerns over global inflationary pressure and commodity demand as a result all weigh on prices," British merchant ADM Agriculture Ltd said of wheat.

Russia's plans to ease the burden of an export tax to help shift an expected record crop were also curbing wheat prices, traders said. Grain markets are continuing to monitor weather charts for U.S. corn and soybean growing belts ahead of the Independence Day holiday that will see U.S. markets close on Monday.

(Reporting by Gus Trompiz in Paris, Hallie Gu and Dominique Patton in Beijing; editing by Uttaresh.V, Amy Caren Daniel and Devika Syamnath)