GRAINS-Corn rebounds on bargain-buying, ample supplies curb gains

SINGAPORE, July 9 (Reuters) - Chicago corn futures rose for the first time in three sessions on Wednesday, with some buying interest supporting prices after a pullback, although gains were limited by expectations of bumper U.S. production and ample Brazilian supplies.

Soybeans and wheat also firmed after losses.

FUNDAMENTALS

* The most-active corn contract on the Chicago Board of Trade (CBOT) Cv1 added 0.4% to $4.15-3/4 a bushel, as of 0034 GMT. Soybeans Sv1 gained 0.1% at $10.18-3/4 a bushel and wheat Wv1 rose 0.3% to $5.49-1/2 a bushel.

* The U.S. Department of Agriculture said 74% of the U.S. corn crop was in good or excellent condition, up 1 percentage point from a week earlier and the highest for this time of year since 2018.

* Weather has been largely favourable for both crops, and Commodity Weather Group said a lack of extreme heat is expected to limit major stress in the coming weeks. Large U.S. harvests would add to bumper production in rival exporter Brazil.

* The agency rated 66% of the U.S. soybean crop as good to excellent on Monday, unchanged from last week but down from 68% a year earlier.

* The market is worried that tariff disputes with key trading partners may hurt demand for U.S. crops at a time when farmers are increasingly expected to produce large yields.

* U.S. President Donald Trump broadened his global trade war this week as he announced a 50% duty on imported copper and higher tariffs on goods from 14 nations.

* For wheat, agricultural consultancy Sovecon said on Tuesday it had raised its forecast for Russia's wheat exports for the 2025-2026 season by 2.1 million metric tons to 42.9 million tons, reflecting improved crop prospects and competitive prices.

* Exports in the previous season, which ended on June 30, are estimated at 40.8 million tons.

* European Union soft wheat exports in the 2024/25 season that ended on June 30 totalled 20.33 million metric tons, down 35% from 2023/24, data published by the European Commission showed on Tuesday.

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

MARKET NEWS

* Major stock indexes mostly inched lower and U.S. copper prices jumped to a record high on Tuesday as U.S. President Donald Trump announced he would impose a 50% tariff on imported copper, broadening his global trade war. MKTS/GLOB

DATA/EVENTS (GMT)

0130 China PPI, CPI YY June