BEIJING, May 9 (Reuters) - Chicago corn, soybean and wheat futures gained on Thursday after a two-session slide, as Russia declared a state of emergency in key grain-growing regions due to frosts and Argentina corn crop estimates were lowered due to leafhopper plague.
Expectation that the U.S. Department of Agriculture's (USDA) May supply and demand and crop production reports due on Friday will show adequate supply limited the rebound.
There have been some bullish developments to spark short-covering that has driven the gains, but a USDA report due at the end of the week is expected to show a comfortable supply outlook in the US and globally, Bergman Grains Research said.
The most-active wheat contract on the Chicago Board of Trade (CBOT) was up 0.24% at $6.35-4/8 a bushel as of 0352 GMT.
Corn gained 0.38% to $4.60 a bushel, while soybeans rose 0.47% to $12.33-4/8 a bushel.
Three of Russia's key grain-growing areas declared a state of emergency on Wednesday, citing May frosts that have caused severe damage to crops and will reduce this year's harvest.
Argentina's Rosario grains exchange said the leafhopper plague has ruined around 20% of the corn crop this season, while cutting its harvest estimate for 2023/24 to 47.5 million metric tons from 50 million tons.
The exchange also held its estimate for the current soybean harvest at 50.0 million tons, though it cautioned harvesting has been delayed by rains and high humidity.
Brazil will remain a competitive corn supplier in global markets thanks to yet another year of abundant production but will not maintain its position as the world's largest exporter, Paulo Sousa, chief executive of grain trader Cargill in the country, said.
Brazilian farmers in southern Brazil have criticised plans announced by the government to import up to 1 million metric tons of rice after floods hit Rio Grande do Sul, the country's largest producing state.
China's soybean imports in April jumped 18% from a year earlier to 8.57 million metric tons, according to the General Administration of Customs, the highest on record for April as buyers snapped up cheap and plentiful Brazilian beans.
China has approved the safety of gene-edited wheat for the first time as Beijing cautiously moves forward with commercial growing of genetically modified food crops.
Ukraine food wheat prices will rise in the new 2024/25 July-June season due to a smaller exportable surplus caused by a fall in both harvest and carryover stocks, a major local producers' union said on Wednesday. (Reporting by Mei Mei Chu; Editing by Varun H K and Subhranshu Sahu)
