GRAINS-Wheat rebounds on lower Russian export forecast; corn, soybeans rise

SINGAPORE, March 17 (Reuters) - Chicago wheat futures bounced back on Monday, rising 0.8% as expectations of lower exports from top supplier Russia boosted hopes of higher demand for U.S. cargoes.

Corn and soybeans also rose, but gains were limited by concerns over trade conflicts disrupting trade flows.

FUNDAMENTALS

The most-active wheat contract on the Chicago Board of Trade (CBOT) Wv1 rose 0.8% to $5.61-1/4 a bushel as of 0010 GMT, having closed lower on Friday. Corn Cv1 added 0.6% to $4.61-1/4 a bushel and soybeans Sv1 gained 0.3% at $10.18-3/4 a bushel.

Russia's IKAR consultancy last week cut its baseline 2024/25 wheat export forecast to around 41 million tons from 42.5 million tons.

Low U.S. wheat prices and an ongoing export quota in major wheat producer Russia have boosted buying interest in U.S. wheat.

Grain markets faced pressure last week following the implementation of revised U.S. tariffs on all steel and aluminium imports, which prompted the European Union and Canada to announce retaliatory duties on several U.S. goods.

China is likely to face a supply shortage of rapeseed meal by the third quarter of this year as Beijing's tariffs on shipments from top exporter Canada disrupt trade and as alternative sources are unlikely to make up the deficit.

Large speculators cut their net long position in CBOT corn futures in the week to March 11, 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 trimmed their net short position in soybeans.

MARKET NEWS

U.S. equities followed European stocks higher on Friday to end a bumpy week on a positive note, although safe-haven gold hit a record high with investors still showing some signs of anxiety about the economic impact of tariffs. MKTS/GLOB

DATA/EVENTS (GMT)

0001 UK House Price Rightmove MM, YY Mar

0200 China Urban Investment (YTD) YY, Retail Sales YY, Unemp Rate Urban Area Feb

1230 US Retail Sales MM Feb