(Updates with European trading, changes byline/dateline) By Gus Trompiz and Mai Nguyen PARIS/HANOI, Jan 28 (Reuters) - Chicago corn futures were higher on Thursday, trading, near a 7-1/2 year high, as rising demand from China continued to support prices and cushion fallout from a slide in equity markets. Soybean futures were also firm, underpinned by Chinese demand and worries about rainfall hampering early harvesting in Brazil. Wheat was lower but pared losses from earlier in the day as corn recovered from an earlier fall. The Chicago Board of Trade (CBOT) most-active corn contract was up 1.4% at $5.41-1/4 a bushel at 1245 GMT, having hit its highest since June 2013 in the previous session at $5.43-3/4. Corn fell earlier on Thursday as a slide in share prices and a rise in the dollar curbed grain markets, before resuming its rally. "Chinese imports remain the subject of heated debate on the corn market," Commerzbank said in a note. Expected record Chinese imports of corn and soybeans in the coming seasons will continue to absorb U.S. supplies, Chicago-based consultancy AgResource Co said on Tuesday. "We don"t know the depth of PRC (People"s Republic of China) corn demand but we do know that they have drawn down their internal corn reserves, that they are auctioning off large amounts of wheat," said Richard J. Feltes, head of market insights at broker R.J. O"Brien. Chinese demand was also drawing down U.S. supplies of soybeans. U.S. soy processors, fresh off their busiest year on record, have booked soybean purchases well beyond their normal few weeks of supply amid fears of soy shortages later this season. CBOT soybeans were up 0.8% at $13.85-1/2 a bushel, while CBOT wheat was down 0.4% at $6.55-3/4 a bushel. Wheat traders were assessing the risk of export curbs in Argentina as Russia prepares to levy an export tax from mid-February. Argentina is looking for ways to ensure ample domestic wheat supplies without having to halt exports, a top official said on Wednesday. Prices at 1245 GMT Last Change Pct End Ytd Pct Move 2020 Move CBOT wheat 655.75 -2.50 -0.38 640.50 2.38 CBOT corn 541.25 7.25 1.36 484.00 11.83 CBOT soy 1385.50 10.75 0.78 1311.00 5.68 Paris wheat Mar 229.25 -1.75 -0.76 213.25 7.50 Paris maize Mar 214.75 -0.75 -0.35 198.50 8.19 Paris rape Feb 451.50 6.75 1.52 418.25 7.95 WTI crude oil 52.73 -0.12 -0.23 48.52 8.68 Euro/dlr 1.21 0.00 -0.07 1.2100 -0.01 Most active contracts - Wheat, corn and soy US cents/bushel, Paris futures in euros per tonne (Reporting by Gus Trompiz in Paris and Mai Nguyen; Editing by Rashmi Aich, Alexandra Hudson)