CANBERRA, Oct 11 (Reuters) - Chicago soybean futures edged higher on Wednesday after data showed a rise in U.S. export inspections and a slight deterioration in the condition of U.S. crops, although gains were capped by a record harvest in top exporter Brazil.

Wheat futures climbed and corn rose.

FUNDAMENTALS

* The most-active soybean contract on the Chicago Board of Trade (CBOT) was up 0.1% at $12.73-1/4 a bushel by 0105 GMT after rising 0.6% in the previous session.

* Corn rose 2% to $4.86-1/4 a bushel and wheat gained 0.3% to $5.60-1/4 a bushel.

* CBOT soybeans have fallen 10% from a high in late August as the U.S. harvest gathered pace, adding new supply. The contract hit $12.54 a bushel on Tuesday, the lowest since December 2021.

* Data showed the U.S. Department of Agriculture rated 51% of the soybean crop in good to excellent condition, down from 52% a week ago and the lowest for this time of year since 2012. Ten analysts surveyed by Reuters on average had expected no change.

* The USDA data showed the U.S. soybean harvest was 43% complete by Sunday and the corn harvest 34% finished, both slightly ahead of their respective five-year averages.

* On the demand side, the USDA reported export inspections of 1.036 million tons of soybeans for the week ended Oct. 5, the highest since mid-February.

* However, Brazil is harvesting its biggest soybean and corn crops on record and government crop agency Conab said farmers would reap even more soy in the upcoming 2023/24 grain cycle.

* Conab said Brazil should produce 162 million metric tons of soybeans in 2023/24, up 4.8% year-on-year, and 119.404 million tons of corn, down 9.5% year-on-year.

* Commodity funds were net buyers of Chicago soybean and soymeal futures on Tuesday and net sellers of wheat, soyoil and corn, traders said.

* In France, the farm ministry raised its forecast for the country's 2023 grain maize crop for the second consecutive month to 11.78 million metric tons.

* CBOT corn has gained in recent weeks but remains close to a 33-month low of $4.68 a bushel reached last month.

* Moving to wheat, traders estimated that Egypt bought around 480,000 tons of Russian wheat on Tuesday at about $265 a ton free-on-board (FOB) in direct talks without issuing an international tender.

* Wheat prices are near three-year lows due to a flood of cheap exports from Russia. FOB prices for Russian 12.5% protein wheat for November shipment are around $230 a ton, Russia's IKAR agriculture consultancy said this week.

* Ukrainian President Volodymyr Zelenskiy meanwhile called for steps to ensure Russia does not turn the Black Sea into a "dead zone" for shipping after Moscow quit a deal allowing safe Ukrainian grain exports.

* In the European Union, data showed that soft wheat exports since the start of the 2023/24 season in July had reached 8.13 million metric tons by Oct. 8, down 23% from a year earlier.

MARKETS NEWS

* Global stock indexes advanced and Treasury yields slid on Tuesday following further dovish comments by Federal Reserve officials, while oil prices eased a day after gaining sharply on violence in Israel and Gaza.

(Reporting by Peter Hobson; Editing by Subhranshu Sahu)