CANBERRA, Aug 28 (Reuters) - Chicago soybean prices rose on Monday to the highest in a month, while corn gained more than 1% after a U.S. farm survey found that hot and dry weather conditions stressed both crops, forecasting smaller harvests than the government had predicted.
Wheat also gained.
FUNDAMENTALS
* The most-active soybean contract on the Chicago Board of Trade (CBOT) was up 1.3% at $14.05-3/4 a bushel, as of 0110 GMT. Corn rose 1% to $4.93 a bushel and wheat gained 0.6% to $6.25-3/4 a bushel.
* Soybeans reached $14.08 in early trade, the highest since July 27. Prices are up nearly 10% from a low on Aug. 8.
* There are forecasts of more hot and dry weather in the U.S. Midwest, and could further reduce production. Soybeans are in a crucial stage of development and susceptible to damage from extreme temperatures.
* U.S. 2023 soybean production could total 4.110 billion bushels, advisory service Pro Farmer said on Friday, below most recent estimate from the U.S. Department of Agriculture (USDA) at 4.205 billion bushels.
* Pro Farmer also predicted the U.S. corn crop at 14.960 billion bushels, below the USDA's estimate of 15.111 billion bushels.
* Ample supply, however, means corn prices hover near three-year lows.
* Also supporting soybeans was confirmation by the USDA of private sales of 120,000 metric tons of U.S. soybeans for delivery to China, indicating strong demand.
* However, the return of the El Nino weather phenomenon should boost South American soybean production as more rainfall helps farmers, meteorologists and grain analysts say.
* Brazil could set a new soybean production record of around 160 million metric tons in the 2023/24 cycle and Argentina's soy output could almost double, according to analysts.
* Meanwhile, the Philippine weather bureau said Tropical storm Saola had intensified into a super typhoon, raising the threat of strong rain and winds hitting important rice and corn growing areas.
* On supplies from war-torn Black Sea region, a senior U.S. official said the United States sees viable routes to export Ukrainian grain through the country's territorial waters and overland.
* A second vessel has left Ukraine's Odesa port through a temporary Black Sea corridor, a senior Ukrainian government official said on Sunday.
* Ukraine's grain exports stood at 4 million metric tons in the 2023/24 July-June season, as of Aug. 25, Agriculture Ministry data showed on Friday. Ukraine had exported 3.3 million tons of grain at the same date in 2022.
* Large speculators increased their net short position in Chicago corn and wheat in the week to Aug. 22 while raising their long position in soybeans, data showed on Friday.
MARKET NEWS
* Asian shares crept higher on Monday as China announced new measures to support its ailing markets, though the mood was cautious ahead of readings on U.S. jobs and inflation could decide whether U.S. interest rates have to rise again.
DATA/EVENTS (GMT) 0130 Australia Retail Sales MM Final July (Reporting by Peter Hobson; Editing by Sherry Jacob-Phillips)
