GRAINS-Corn, soy ease as weather view improves

* Corn slips after 9 percent jump on frost damage concern

* Market takes more cautious view on weather risk

* Wheat follows trend, focus turns back to bearish supplies

PARIS/SINGAPORE, Sept 16 - Chicago corn and soybean futures eased on Wednesday after surging in the previous session as operators digested less alarming weather reports.

Corn jumped more than 9 percent and soy gained 7 percent on Tuesday as one weather forecasting model projected a cold spell in the middle to late part of next week that could produce frost and light freeze conditions in the northern corn belt.

But some operators argued the crop risk was less obvious than suggested by Tuesday's rally.

"The frost in the United States is still to be confirmed," a French grains analyst said.

However, Chicago futures held onto most of their gains from Tuesday as the market remained concerned about the weather and was underpinned by the weakness of the dollar.

"The market is going to remain edgy over the next week or so as weather forecasts change and people project a varying level of severity of frost and freeze in America," said Luke Mathews, commodity strategist at Commonwealth Bank of Australia.

Chicago Board of Trade December delivery corn slipped 0.94 percent to $3.43-1/4 per bushel by 1338 GMT, after surging by the maximum daily trading limit in the previous session.

November soybeans lost 1.30 percent to $9.47-1/2.

U.S. crops have thrived this summer and the U.S. Department of Agriculture last week projected a record harvest of soybeans and a near-record corn crop.

However, both crops have been developing two to three weeks late due to delayed planting, leaving them vulnerable to a September frost that could cut yields.

In its weekly crop progress report on Monday, USDA said only 12 percent of the U.S. corn crop was mature, well behind the five-year average of 37 percent. For soybeans, 17 percent of the crop was dropping leaves, a sign of maturity, lagging the five-year average of 36 percent, it said.

WHEAT EXPORT WORRIES

Wheat, which had risen a day earlier on the back of the weather worries in corn and soybeans, fell back in line with the other crops as attention turned back towards bearish fundamentals.

CBOT December wheat fell 1.38 percent to $4.64 a bushel. In Europe, November milling wheat in Paris slipped 1.44 percent to 119.50 euros a tonne.

The gloomy outlook was reinforced by the fact both U.S. and French wheat missed out in Egypt's latest tender, in which the country bought 240,000 tonnes of Russian grain.

In France, Europe's largest grains producer, the Egyptian setback underlined the large amounts of new crop needing to be shifted, especially with the maize (corn) crop starting to arrive.

"There are not enough export outlets within the European Union or beyond," the French analyst said. "The port silos are full."