GRAINS-Soybean, corn steady, stocks rally supports

* Soy, corn little changed after profit taking

* Near-perfect weather for corn in pollination stage

* Steady oil, recovery hopes may support grains

* China to sell 500,000 T soybeans at higher price (Adds details, quotes)

SINGAPORE, July 16 - Chicago soybean and corn futures were little changed after a bout of profit taking in the previous session, torn between an equities rally and a lack of new bullish fundamentals.

The market was unmoved by news that China, the world's top soybean importer, will sell some state reserves of corn, soybeans and rice beginning next week, as crushers had bought a large amount of soybeans and prices were above market rates.

Traders said that though strength in stock markets and crude oil prices were likely to support grains, the absence of fresh demand and supply news would curb gains.

Asian shares jumped on Thursday, buoyed by strong U.S. earnings and global recovery hopes after China's economy grew faster than forecast in the second quarter.

"Basically it is the weather and as long as the weather is favourable, I don't think we have big upside potential," said Genichiro Higaki, head of proprietary fund management team at Sumitomo Corp in Tokyo.

"Soybeans are not fundamentally weak as the supply is still tight, but I don't think this tightness is a factor for new money to flow into the market. We need some additional factors for buying."

Chicago Board of Trade new-crop November soybean futures were unchanged at $9.04-½ a bushel at 0410 GMT. The old-crop August soybean contract fell ½ cent to $10.20 a bushel. The September corn contract also fell ½ cent to $3.29 a bushel.

Pollination is starting in the U.S. corn belt in the remaining weeks of July and the soybean pod-setting period looms in August.

Soybean and corn prices were also hit on Wednesday by news that Tyson Foods Inc would eliminate more than 28 percent of its hog herd because of high feed prices and a slowdown in pork sales.

The U.S. Department of Agriculture said on Wednesday 113,000 tonnes of old-crop (2008/09) U.S. soy had been sold to China. U.S. soy supplies for 2008/09 are forecast to fall to 110 million bushels, the lowest in more than three decades.

Under its latest plan to sell some state reserves, China's government will sell soybeans at $549 per tonne with an initial amount of 500,000 tonnes.

"Nobody will buy at this price when you can import it cheaper," said the head of the oilseed business at an international trading company in Singapore. "Imported soybeans are around $40 to $50 cheaper (than the $549 per tonne set by the government)."

Most contracts on China's Dalian soy futures, Asia's most-active soy market, fell in line with Wednesday's losses on the CBOT. PRICES AT 0411 GMT Contract Last Change Pct chg Day ago pct MA 30 RSI CBOT wheat 537.00 2.25 +0.42% +7.03% 545.07 52 CBOT corn 329.00 -0.50 -0.15% -6.00% 383.94 30 CBOT soy 1020.00 -0.50 -0.05% -5.03% 1180.16 31 CBOT rice $12.93 $0.04 +0.27% +0.31% $12.54 60 WTI crude $61.54 $0.00 +0.00% +3.39% $67.19 41 Currencies Euro/dlr $1.407 -$0.004 -0.28% +0.69% USD/AUD 0.798 -0.006 -0.72% +0.40% Front month contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight