Corn climbs to 2-week high; soybeans, wheat firm

SINGAPORE, July 3 (Reuters) - Chicago corn climbed a more than two-week high on Thursday, while soybeans rose for a fifth consecutive session with bargain-buying supporting both markets after recent losses.

Wheat also firmed, rising to a more than one-week high on positioning ahead of the U.S. Independence Day holiday weekend, with markets closed on Friday.

FUNDAMENTALS

* The most-active corn contract on the Chicago Board of Trade (CBOT) Cv1 rose 1.3% to $4.39 a bushel, as of 0021 GMT, the highest since June 16 and soybeans Sv1 added 0.5% to $10.53 a bushel.

* Wheat Wv1 climbed 0.8% to 5.68-1/2 a bushel, the highest since June 24.

* Recent gains in corn, soybeans and wheat have been largely fuelled by bargain-buying and short-covering, even as underlying supply fundamentals remain bearish.

* Largely favourable crop development weather had dragged corn and soybean prices to multi-month lows in recent sessions as warm temperatures and timely rains boosted U.S. harvest prospects.

* The optimal conditions coincide with harvesting by rival exporter Brazil of what some analysts expect to be a record second-corn crop.

* Abundant supplies are still hanging over the wheat market, with U.S. farmers progressing with their harvest while crops in Europe and the Black Sea region are expected to be sizeable despite harsh weather including a heatwave in western Europe this week.

* Dry weather in southern Ukraine during sowing and plant growth stages has significantly reduced winter wheat and barley yields, scientists at the Ukrainian National Academy of Agrarian Sciences said on Wednesday.

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

MARKET NEWS

* Global stocks rose to a record high on Wednesday after U.S. data showed an unexpectedly weak reading on the labor market while British government bond yields surged on growing speculation about the future of the country's finance minister. MKTS/GLOB

DATA/EVENTS (GMT)

0145 China Caixin Services PMI June

0750 France HCOB Services, Composite PMI June

0755 Germany HCOB Services, Composite Final PMI June

0800 EU HCOB Services, Composite Final PMI June

0830 UK S&P GLOBAL PMI: COMPOSITE - OUTPUT June

0830 UK Reserve Assets Total June

1230 US Non-Farm Payrolls, Unemployment Rate, Average Earnings YY June

1230 US International Trade May

1230 US Initial Jobless Clm Weekly

1345 US S&P Global Comp, Svcs PMI Final June

1400 US Factory Orders MM May

1400 US ISM N-Mfg PMI June