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