Updates with European trading, changes dateline

PARIS/BEIJING, June 23 (Reuters) - Chicago soybean and corn futures rebounded on Tuesday after a two-session fall, helped by steadying crude oil prices as traders assessed U.S. weather and export prospects.

Oil prices, which influence grain markets due to the use of crops for biofuel, were little changed as investors weighed progress in U.S.-Iran peace talks against differing interpretations from the two sides over issues such as nuclear inspections and use of frozen Iranian funds. O/R

The steadier trend in crude encouraged a pause in grain selling, after liquidation by investment funds pushed prices to multi-month lows in the past week.

"The grains sector has seen a dramatic positioning reset over the past six weeks," Saxo Bank analysts said. "Corn has borne the brunt of the liquidation."

Commodity funds were net sellers of CBOT corn and soybean futures on Monday, traders said. CBOT/FUNDS

The most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 was up 0.4% at $11.46-1/4 a bushel at 1200 GMT, while corn Cv1 rose 0.4% to $4.13-1/4 a bushel.

Abundant rainfall and moderate temperatures have contributed to price pressure by maintaining expectations for large U.S. harvests later this year.

On Monday, the U.S. Department of Agriculture left its good-to-excellent ratings of U.S. corn and soy crops unchanged from last week, at 68% and 66% respectively.

But attention was starting to turn towards USDA planting and stocks estimates next week that could change the outlook for U.S. grain supply.

"Everyone will have their eyes on the USDA quarterly report... which will bring more visibility on the crop (planting decisions) in the United States, in a context of soaring fertilizer prices," Argus Media analysts said.

The U.S. market was monitoring Chinese demand after confirmation last week of the first soybean sales since a May summit between Presidents Donald Trump and Xi Jinping.

Traders were also watching U.S.-Iran negotiations after Washington suggested frozen Iranian funds could be used to buy U.S. crops, an idea played down by Tehran.

CBOT wheat Wv1 was up 0.2% at $6.08-1/2 a bushel.

The USDA said conditions for the drought-hit winter wheat crop dropped 1 percentage point from last week to just 26% good-to-excellent, though harvesting had advanced swiftly.

Chicago wheat has shown little reaction to a weather rally on Euronext, where wheat futures BL2U6 held around a three-week high as a heatwave threatened to stress crops in Europe. GRA/EU

Favourable crop prospects in major exporters Russia and Ukraine, however, tempered concerns about global supply.

Prices at 1200 GMT
	Last	Change	Pct Move
CBOT wheat Wv1	608.50	1.00	0.16
CBOT corn Cv1	413.25	1.75	0.43
CBOT soy Sv1	1146.25	4.75	0.42
Paris wheat BL2c1	207.00	-0.25	-0.12
Paris maize EMAc1	222.75	1.75	0.79
Paris rapeseed COMc1	515.25	3.50	0.68
WTI crude oil CLc1	73.84	-0.02	-0.03
Euro/dollar EUR=	1.14	0.00	-0.36
Most active contracts - Wheat, corn and soy U.S. cents/bushel, Paris futures in euros per metric ton.