Soybeans, corn rebound after losses, but US rain set to limit gains
Soybeans rise on bargain-buying
Favourable U.S. weather to curb gains
Wheat prices fall after rising for two sessions
Adds detail, updates prices
SINGAPORE/PARIS, Aug 29 (Reuters) -Chicago soybeans and corn futures rose on Thursday, after both markets came under pressure in the previous session from beneficial rains and milder weather in the U.S. Midwest.
Wheat, which had risen in the two previous sessions, fell as cheap Black Sea supplies curbed gains.
The most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 gained 1.1% to $9.88 a bushel, as of 1145 GMT and corn Cv1 added 0.5% to $3.67 a bushel.
Wheat Wv1 dropped 1% at $5.36-1/4 a bushel.
Market players have raised concerns that recent hot, dry weather in the U.S. Midwest will dent expectations of bumper U.S. corn and soy crops.
Uncertainty remains whether the soybean crop will reach its potential, but rainfall has reduced dryness in many areas.
In Europe, excessive rains have dented German and French wheat crops, even though cheap exports from the Black Sea have boosted supplies undercut U.S. exports.
French wheat exports outside the European Union are expected to fall 60% to their lowest in 23 seasons to 4.1 million metric tons in 2024/25, Argus Media forecast on Thursday.
Meanwhile Ukraine's grain exports in the 2024/25 July-June season had jumped to 6.75 million metric tons as of Aug. 28, up from 4.16 million tons by the same date of the previous season, agriculture ministry data showed on Thursday.
In Canada wheat production will increase more than 4% this year, Statistics Canada said on Wednesday, less than analysts had expected at a time when global supplies are expected to reach a nine-year low.
Commodity funds were net buyers of CBOT soyoil and wheat futures contracts and sellers of soybean, corn and soymeal contracts on Wednesday, traders said. COMFUND/CBT
Reporting by Naveen Thukral and Sybille de La Hamaide
Editing by Rashmi Aich and Barbara Lewis
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