GRAINS-Corn, soybeans gain on bargain-buying; wheat firms

SINGAPORE, June 30 (Reuters) - Chicago corn and soybeans gained more ground on Monday, with both products supported by bargain buying after last week's multi-month lows, although expectations of ample global supplies kept a lid on prices.

Wheat firmed in early Asian trade.

FUNDAMENTALS

* The most-active corn contract on the Chicago Board of Trade (CBOT) Cv1 rose 0.4% to $4.13 a bushel as of 0018 GMT after dropping to its weakest since October last week. Soybeans Sv1, which hit a three-month low on Friday, added 0.4% to $10.28-1/2 a bushel.

* Wheat Wv1 also gained 0.4% to 5.42-3/4 a bushel.

* Favourable supply prospects in the United States and key exporting and consuming countries are likely to limit the upside in prices.

* Warm weather and rains have created the ideal growing conditions for soybeans and corn in the U.S. Midwest, while farmers in Brazil are expected to harvest a bumper second corn crop following a record soybean harvest earlier this year.

* The International Grains Council raised its 2025-26 world wheat crop outlook by 2 million tons to 808 million on Thursday, while the European Commission increased its forecast for the European Union's soft wheat crop by 1.6 million tons to 128.2 million tons.

* Canadian farmers planted more acres of wheat, oats, soybeans, lentils, dry peas and corn and fewer acres of canola and barley compared with 2024 levels, according to a Statistics Canada survey released on Friday.

* India's annual monsoon rains covered the entire country on Sunday, nine days earlier than is typical, the weather department said, bringing forward planting of summer-sown crops.

* Participants in agricultural markets are also adjusting their positions ahead of the U.S. Department of Agriculture acreage, stock and crop progress reports later in the day.

* Large speculators increased their net short position in CBOT corn futures in the week to June 24, regulatory data showed on Friday.

* Noncommercial traders, a category that includes hedge funds, trimmed their net short position in CBOT wheat and switched to a net short position in soybeans, the Commodity Futures Trading Commission's weekly commitments of traders report showed.

MARKET NEWS

* Global shares reached a record high on Friday, helped by market optimism over signs of progress in U.S.-China trade talks, while the dollar held close to its lowest levels in more than three years. MKTS/GLOB

DATA/EVENTS (GMT)

0600 UK GDP QQ, YY Q1

1200 Germany CPI Prelim YY Jun

1200 Germany HICP Prelim YY Jun