GRAINS-Corn futures rise on US export sales

By Tom Polansek

CHICAGO, April 30 (Reuters) - Chicago Board of Trade corn futures advanced on U.S. export demand on Wednesday, while bargain-hunting lifted wheat futures after prices set contract lows, traders said.

Global importers have been striking deals for U.S. corn supplies as prices are attractive on the world market, the dollar has weakened, and rival exporter Brazil has limited supplies on hand.

The U.S. Department of Agriculture said in a daily reporting system that unknown buyers purchase 120,000 metric tons of U.S. corn. It was the latest deal after the agency reported on Tuesday that Spain bought 120,000 tons of U.S. corn and on Friday that Mexico made purchases.

"We've had quite a bit of activity here on the daily wire," said Matt Wiegand, commodity broker for FuturesOne. "That's helping to bounce us back."

Most-actively traded CBOT corn futures Cv1 were up 6 cents at $4.76-1/4 per bushel by 12:10 p.m. CDT (1710 GMT), after falling on Tuesday to the lowest level since April 9.

CBOT wheat Wv1 jumped 8 cents to $5.33-1/2 per bushel. The most-active July contract WN25 earlier set a contract low of $5.23-1/4.

Short-covering supported wheat futures, which had become oversold, traders said.

Recent rains have benefited wheat crops in the U.S. Plains that will be harvested in the coming months, and forecasters said they expect more showers.

In Argentina, the 2025/26 wheat crop is projected to be the second biggest on record, the Buenos Aires Grains Exchange said.

For soybeans, U.S. President Donald Trump's trade war with Beijing hung over futures because China is the world's top importer of the oilseed, traders said.

They added that weather conditions look generally non-threatening for U.S. soybean and corn planting.

"We're still early enough in the planting season that even if we were to slow down a bunch, it wouldn't get us really excited right away," Wiegand said.

CBOT soybean futures Sv1 fell 10-1/4 cents to $10.42-1/2 per bushel.