GRAINS-Corn rises from 7-week low, tariff worries cap gains

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By Naveen Thukral

SINGAPORE, March 3 (Reuters) - Chicago corn recovered on Monday from an almost seven-week low, while soybeans rose for the first time in four sessions on bargain-buying, although gains were limited by worries over the impact of U.S. President Donald Trump's tariffs.

Wheat jumped more than 1%, rising from Friday's one-month low.

"Corn and soybeans have moved little bit higher but agriculture markets are waiting to see the impact of U.S. tariffs," said one grains trader in Singapore. "Dry weather for wheat is going to be an issue for the Indian crop."

The most-active corn contract on the Chicago Board of Trade (CBOT) Cv1 added 0.2% to $4.70-1/4 a bushel, as of 0309 GMT, having dropped to its lowest since January 10 on Friday.

Soybeans Sv1 rose 0.2% to $10.27-1/4 a bushel and wheat Wv1 gained 1.1% to $5.62 a bushel.

Concerns about possible retaliation against U.S. agricultural exports are growing as the Trump administration says new tariffs on imports from Mexico and Canada and additional tariffs on goods from China are set to begin on March 4.

Trump said on Wednesday that the tariffs, already delayed by 30 days for Mexico and Canada, could be delayed again until April 2, but changed tack again in a social media post on Thursday, saying the tariffs would go ahead in March.

China is a major importer of U.S. soybeans and Mexico is a key corn buyer.

The U.S. soybean crush likely slowed in January from a record high in the prior month to 6.333 million short tons, or 211.1 million bushels, according to analysts surveyed by Reuters ahead of a monthly U.S. Department of Agriculture report due on Monday.

Wheat futures derived some support from dry weather in the U.S. Plains as the crop exits dormancy.

Maxar forecast drier weather in the central Plains and eastern Midwest in the next 16-30 days, lowering moisture for winter wheat in those areas.

India will have above-average temperatures in March across most regions following a warmer February, the weather office forecast on Friday, conditions that could threaten winter-sown crops such as wheat, chickpea and rapeseed.

Large speculators cut their net long position in CBOT corn futures in the week to Feb. 25, regulatory data released on Friday showed.

The Commodity Futures Trading Commission's weekly commitments of traders report also showed that noncommercial traders, a category that includes hedge funds, increased their net short position in CBOT wheat and soybeans.