GRAINS-Wheat firms after losses, improved US weather caps gains

SINGAPORE, April 30 (Reuters) - Chicago wheat futures rose for the first time in three sessions on Wednesday, with bargain-buying supporting prices, although much-needed rain in the U.S. crop belt kept a lid on the market.

Corn ticked higher while soybeans eased. Both markets are facing pressure from rapidly advancing U.S. planting and the Washington-Beijing trade war.

FUNDAMENTALS

The most-active wheat contract on the Chicago Board of Trade (CBOT) Wv1 rose 0.1% to $5.26-1/4 a bushel as of 0015 GMT, after dropping around 2.5% on Tuesday.

Soybeans Sv1 fell 0.1% to $10.52-1/4 a bushel, while corn Cv1 added 0.3% to $4.71-3/4 a bushel.

Timely rainfall in parts of the U.S. Plains has improved winter crop prospects, weighing on prices.

The market is now focused on the pace of U.S. planting.

U.S. farmers had planted 24% of the corn crop as of Sunday, the U.S. Department of Agriculture (USDA) said in a weekly report released after Monday's market close, one percentage point behind analysts' average estimate but ahead of the five-year average of 22%.

The agency said the soybean crop was 18% planted, ahead of the five-year average of 12% and analysts' estimate of 17%.

China-U.S. trade war is continuing to cloud U.S. soybean export prospects.

China aims to cut grain use in livestock feed to around 60% and slash soymeal content to about 10%, the agriculture ministry said on Tuesday.

Corn and soybean markets were also pressured by favourable crop weather in South America. Recent showers have eased drought conditions that threatened Brazil's safrinha corn crop, while a dry spell in Argentina is set to help corn and soybean harvesting after heavy rain.

Commodity funds were net sellers of CBOT corn, soybean, wheat and soyoil futures contracts on Tuesday, but were net buyers of soymeal futures, traders said. COMFUND/CBT

MARKET NEWS

Wall Street stocks advanced on Tuesday, while crude and gold prices slid as investors juggled corporate earnings, signs of progress in U.S. President Donald Trump's tariff negotiations and increased odds of a global recession. MKTS/GLOB

DATA/EVENTS (GMT)

0130 China NBS Manufacturing PMI Apr

0145 China Caixin Mfg PMI Final Apr

0530 France GDP Preliminary QQ Q1

0600 UK Nationwide house price mm, yy Apr

0645 France CPI (EU Norm) Prelim MM, YY Apr

0645 France CPI Prelim MM, YY NSA Apr

0645 France Producer Prices YY Mar

0755 Germany Unemployment Chg, Rate SA Apr

0800 Germany GDP Flash QQ SA, YY NSA Q1

0900 EU GDP Flash Prelim MM, YY Apr

1200 Germany HICP, CPI Prelim YY Apr

1230 US GDP Advance Q1

1400 US Consumption, Adjusted MM Mar

1400 US Core PCE Price Index MM, YY Mar

1400 US PCE Price Index MM, YY Mar