GRAINS-Wheat rises to 1-week high on bargain-buying; corn eases

SINGAPORE, July 2 (Reuters) - Chicago wheat rose for a second session on Wednesday to a one week high, as bargain-buying supported prices after recent losses, although pressure from the ongoing Northern Hemisphere harvest kept a lid on the market.

Soybeans were largely unchanged, while corn ticked higher.

FUNDAMENTALS

* The most-active wheat contract on the Chicago Board of Traded (CBOT) Wv1 rose 0.1% to $5.49-1/2 a bushel, as of 0022 GMT, having climbed to its highest since June 25 earlier in the session.

* Soybeans Sv1 were unchanged at $10.27-1/4 a bushel and corn Cv1 fell 0.1% to $4.21-3/4 a bushel.

* The wheat market is underpinned by short-covering and bargain-buying after last week's deep losses, with prices trading close to multi-year lows reached in May.

* But freshly harvested crops in key exporting countries, including Russia and the United States are entering the market, curbing the upside potential.

* For corn, traders remain focused on U.S. Midwest weather as warm temperatures and timely rains have boosted yield prospects as the crop is entering its critical pollination stage of development.

* Good crop weather this spring allowed U.S. farmers to stick to their seeding plans as the U.S. Department of Agriculture reported only slight changes to planted area in its closely followed acreage report on Monday.

* The agency surprised the market with stronger-than-anticipated corn crop conditions that were the best since 2018 for this point in the growing season. The USDA left soy crop conditions unchanged at the second-highest level in the past five seasons.

* In news, Ukraine's agricultural exports fell by 23.8% to 3.4 million metric tons in June, mostly due to smaller shipments of grains and vegetable oils, farm lobby UCAB said on Tuesday.

* Commodity funds were net buyers of CBOT corn, wheat soybean and soyoil futures contracts on Tuesday and net sellers of soymeal, traders said. Fund estimates for corn ranged from net selling of 5,000 contracts to net buying of 13,000 contracts. COMFUND/CBT

MARKET NEWS

* Global shares edged lower and U.S. Treasury yields rose on Tuesday as investors weighed a host of U.S. economic data and comments from Federal Reserve Chair Jerome Powell to gauge the timing of any interest rate cuts. MKTS/GLOB

DATA/EVENTS (GMT)

0900 EU Unemployment Rate May