HAMBURG, June 24 (Reuters) -
Chicago wheat rose on Monday in bargain-buying after hitting its lowest since April on prospects for good world supplies and as U.S. wheat harvesting gathers speed.
Corn fell and soybeans rose with the impact on U.S. crops of mixed weather with heat and some rain being assessed.
There was also positioning ahead of
estimates
of grain stocks and U.S. plantings from the U.S. Department of Agriculture (USDA) on Friday.
Chicago Board of Trade most-active wheat rose 0.1% to $5.76-3/4 a bushel at 1107 GMT after falling to $5.72-3/4, the lowest since April 22.
Corn fell 0.1% to $4.34-1/2 a bushel, soybeans rose 0.2% to $11.22-3/4 a bushel.
"Wheat is seeing some buying interests after hitting lows with some concern that the mix of high temperatures and rain in parts of the U.S. could have a negative impact on the USDA crop conditions report due later on Monday," said Matt Ammermann, StoneX commodity risk manager. "But rises are limited by overall positive supply outlooks with the U.S. wheat harvest not likely to have been slowed by rain."
"The debate is weather wheat's rise could be a dead cat bounce in view of the fundamentally good world supply picture."
Fears of weather damage to Russia's harvest helped pushed wheat to 10-month highs in May but the Russian crop weather has
improved
.
But concern about
unfavorable Black Sea weather
is not over.
India has
imposed limits
on wheat stocks traders may hold, and may abolish or cut import taxes on the grain to keep prices low.
"Corn and soybeans are drifting ahead of U.S. grain stocks and planting estimates on Friday," Ammermann said. "There is also debate about if the swings in U.S. weather between heat and rain was good or bad for U.S. soybean and corn crops." (Reporting by Michael Hogan in Hamburg, additional reporting by Peter Hobson in Canberra; Editing by Janane Venkatraman, Eileen Soreng and Vijay Kishore)
