(Adds European trading, changes dateline)

PARIS/CANBERRA, May 22 (Reuters) - Chicago wheat fell on

Thursday as a short-covering rally that took prices to a

one-month peak petered out, with traders seeing limited threats

to Northern Hemisphere crops despite adverse weather spells.

Corn and soybeans also eased after three-day gains, with a

steadier dollar, weaker crude oil and generally favourable crop

conditions curbing the markets.

The most active wheat contract on the Chicago Board of Trade

(CBOT) was down 1.1% at $5.43 a bushel at 1130 GMT, moving

back from Wednesday's one-month high of $5.56-1/4.

After dropping to a near five-year low of $5.06-1/4 on May

13, concerns over adverse weather in Russia and China and an

unexpected decline in U.S. wheat ratings triggered a wave of

short-covering in the past week.

But traders were sceptical that Chinese or Russian wheat

crops have suffered significant damage, while the U.S. remains

on track for a large harvest despite disease risks in some

areas.

Consultant Sovecon raised its 2025 Russian wheat production

forecast to 81 million metric tons from 79.8 million tons,

though warned that persistent dryness in many regions could

still cause crop losses.

Benchmark wheat on Euronext also fell back from a

one-month top reached on Wednesday.

"Wheat rose in a short-covering vacuum. There's not much

really to be bullish about in this market," a European trader

said.

Commodity funds hold a large net short position in CBOT and

Euronext wheat, leaving the markets prone to bouts of

short-covering.

CBOT soybeans were down 0.5% at $10.57-1/4 a bushel

after touching a one-week peak on Wednesday. CBOT corn

eased 0.7% to $4.58 a bushel after earlier equalling a two-week

peak from the previous session.

Soybeans had drawn support from flood risks to Argentina's

ongoing harvest. But the Buenos Aires Grains Exchange said on

Wednesday that dry weather in the coming days will help muddy

fields.

In Brazil, the second corn crop is estimated at a record

112.9 million metric tons, up 10.5% from the previous season,

consultants Agroconsult said on Wednesday.

Chicago prices had also been underpinned by a falling dollar

since this week amid worries over the U.S. economy, making U.S.

crops more attractive to overseas buyers. But the dollar index

rose slightly on Thursday.

Traders will get an update on international demand from

weekly U.S. export sales figures later on Thursday.

Prices at 1130 GMT

Last Change Pct Move

CBOT wheat 543.00 -6.25 -1.14

CBOT corn 458.00 -3.00 -0.65

CBOT soy 1057.25 -5.50 -0.52

Paris wheat 209.00 -3.00 -1.42

Paris maize 202.00 -0.50 -0.25

Paris rapeseed 480.25 -4.75 -0.98

WTI crude oil 60.28 -1.29 -2.10

Euro/dlr 1.13 0.00 -0.19

Most active contracts - Wheat, corn and soy US

cents/bushel, Paris futures in euros per metric ton