CANBERRA: Chicago wheat futures on Thursday fell further from 10-month highs, as traders assessed whether forecast rain in parts of Russia would halt a rapid decline in harvest estimates for the world's top exporter.

Soybean and corn futures were little changed after dipping on Wednesday following a U.S. Department of Agriculture report showing speedy planting progress in the U.S. Midwest.

Weighing on all three contracts was a stronger dollar, which made U.S. farm goods more expensive for importers with other currencies.



* The most-active wheat contract on the Chicago Board of Trade (CBOT) was down 1.2% at $6.84-3/4 a bushel by 0055 GMT, while CBOT soybeans were flat at $12.14 a bushel and corn was 0.1% higher at $4.55-1/2 a bushel.

* Wheat prices surged to $7.20 on Tuesday, their highest since July last year, after Russian analysts cut their harvest estimates by around 10 million metric tons due to dryness and spring frosts.

* Expectations of a smaller crop in Ukraine also added to concerns about Black Sea supply.

* But weather charts suggest that rain this week should reach parts of southern Russia and Ukraine, though high temperatures could reduce its benefit to crops.

* On the demand said, India could soon begin wheat imports after a six-year gap to replenish depleted reserves and hold down prices, sources told Reuters.

* In other crops, a USDA weekly report showed U.S. corn and soybean planting was slightly ahead of the average pace of the past five years, at 83% and 68% complete, respectively.

* Argentinian farmers are meanwhile speeding up badly delayed sales of soybeans, government data show, helped by higher global prices and better weather conditions for the ongoing harvest.

* Traders said commodity funds were net sellers of CBOT wheat, corn and soybeans on Wednesday, having sharply reduced their short positions in all three contracts in recent weeks.



* A global equities gauge fell on Wednesday while U.S. Treasury yields rose after a third weak government debt auction in a row, and investors worried about higher interest rates while waiting for a key U.S. inflation report due on Friday.


(Reporting by Peter Hobson; Editing by Rashmi Aich)