GRAINS-U.S. corn, wheat firm on dollar, technical rebound

* Grains aided by easing dollar as macro news buoys markets

* Corn, wheat steady from lows, shrug off bearish USDA data

* Wheat to remain under pressure from global glut

* New-crop soybeans rise on bullish USDA revisions

PARIS/SINGAPORE, Aug 13 - Chicago corn and wheat prices rose on Thursday as a weaker dollar helped them pull away from recent lows and shrug off bearish forecasts in a key U.S. government crop report.

The lower dollar, which makes U.S.-priced commodities more attractive on the world market, reflected investor optimism about economic recovery after comments from the Federal Reserve and better-than-expected growth figures in the euro zone.

In its keenly awaited August report, the U.S. Department of Agriculture bumped up its 2009 U.S. corn crop forecast to 12.76 billion bushels, the second largest in history, to incorporate an increase in its average yield estimate.

World wheat production for 2009/10 was forecast at 659.29 million tonnes, up 2.8 million from last month, and ending stocks were pegged at 183.56 million tonnes, up 2.3 million from June's report, the USDA said. Corn and wheat initially fell on the news during Wednesday's U.S. session before rebounding as a drop in the dollar encouraged operators to buy after steep falls for the crops.

"Obviously, the corn crop size is large, however, the demand is better than expected, and given the weakness in the U.S. dollar, there are strong hopes for good exports in corn as well as soybeans," said Garry Booth, a trader at MF Global Australia.

New-crop Chicago soybeans extended gains after the U.S. government reduced its estimates for the 2009 crop and lowered next year's closing stock numbers.

The USDA cut its 2009/10 soy end stocks figure by 40 million bushels to 250 million. The estimate reflected a smaller harvest of 3.199 billion bushels, still a record large crop but down 61 million from last month.

WHEAT REBOUND LIMITED

Chicago Board of Trade September corn rose 2.12 percent to $3.7-3/4 a bushel by 1152 GMT as it continued to recover from a fall this month that had brought it back toward a seven-month low seen in July.

September wheat was up 0.66 percent at $4.93-1/2 to extend a bounce from a fresh eight-month low seen during the previous session.

On Euronext, milling wheat futures tracked the trend on U.S. markets, which offset an export-penalising rise in the euro.

Benchmark November milling wheat was up 0.38 percent at 131.75 euros a tonne.

"We've priced in practically all the bad news in the market," one Euronext trader said.

Operators said wheat prices could pick up as they emerge from their traditional dip during harvesting and if the El Nino weather pattern affects southern hemisphere crops. But large harvest supplies in the northern hemisphere were likely to limit any short-term rebound.

"For the moment the fact is the wheat balance is heavy," the trader said.

French analyst Strategie Grains reinforced the bearish context in wheat by hiking its forecast for 2009/10 ending stocks in the European Union by some 2 million tonnes.

CBOT August soybeans rose 1.15 percent to $12.30 a bushel on the eve of the contract's expiry, while new-crop November soy rose 1.75 percent to $10.61.

Prices as of 1152 GMT Product Last Change Percent Move End 2008 Ytd Percent Nov Paris wheat 131.75 0.50 +0.38 145.75 -9.61 Nov London wheat 98.25 0.65 +0.67 121.00 -18.80 Nov Paris maize 126.00 3.00 +2.44 132.00 -4.55 Nov Paris rape 283.75 5.00 +1.79 268.75 5.58 CBOT Sept wheat 493.50 3.25 +0.66 653.50 -24.48 CBOT Sept corn 337.75 7.00 +2.12 438.00 -22.89 CBOT Sept soy 1109.25 16.75 +1.53 1006.75 10.18 CBOT Sept rice 13.47 0.08 +0.59 13.77 -2.18 Crude oil 71.46 1.30 +1.85 44.60 60.22 Euro/dlr 1.43 0.01 +0.37 1.49 -4.11 * Paris futures prices in Euros per tonne, London wheat in pounds per tonne and CBOT in cents per bushel.