GRAINS-Chicago grains, soy rebound on demand uptick, weak dollar

By Heather Schlitz

CHICAGO, March 13 (Reuters) - Chicago Board of Trade corn and soybean futures turned higher on Thursday, after private estimates for Argentina's corn and soy crops fell, analysts said.

Wheat futures also rose after Russia's IKAR cut its wheat export forecasts, sparking buying interest in U.S. wheat futures.

However, traders remained cautious given twists and turns in U.S. President Donald Trump's ongoing tariff war.

"The tariff situation is clouding the situation a little bit," Mark Soderberg, analyst at ADM Investor Services, said.

The most-active corn contract on the Chicago Board of Trade Cv1 was last up 6-1/4 cents to $4.67 a bushel by 11:42 CDT (1642 GMT). CBOT soybeans Sv1 added 13-1/2 cents to $10.14 a bushel and CBOT wheat Wv1 gained 7-1/2 cents to $5.61-1/2 a bushel.

Argentina's Rosario Grains Exchange lowered its outlooks for the nation's 2024-25 corn and soy harvests on Wednesday, adding support to U.S. corn and soy futures.

"Those numbers are having an impact," said Jim Gerlach, president of A/C Trading.

Soybean futures also received a boost from higher-than-expected weekly U.S. soybean export sales . However, expectations for a massive soybean harvest in top-supplier Brazil continue to hang over futures.

Grain markets were unsettled on Wednesday by the implementation of increased U.S. tariffs on all steel and aluminium imports, prompting the European Union and Canada to announce retaliatory duties on a range of U.S. goods.

The EU package, which could see the bloc reintroduce a 25% duty on U.S. corn and potentially add a tariff on U.S. soybeans, added to concern about disruption to U.S. exports caused by President Donald Trump's tariff offensive.