GRAINS-Soybeans, wheat climb ahead of monthly USDA report; corn choppy

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By Julie Ingwersen

- Chicago soybean futures headed higher on Wednesday for the first time in nine trading sessions, rebounding from multi-month lows as market players turned their attention to U.S. government crop forecasts due on Thursday.

Wheat also rose on bargain-buying, but corn futures were choppy, turning lower at times as rains in the U.S. Corn Belt bolstered crop prospects.

As of 1:02 p.m. CDT (1802 GMT), Chicago Board of Trade July soybeans SN26 were up 10-1/4 cents, or 0.9%, at $11.24 per bushel, a day after dipping to $11.10-1/4, the contract's lowest since February 4.

CBOT July wheat WN26 was up 3-1/2 cents, or 0.6%, at $5.88-3/4 a bushel while July corn CN26 was up 1/2 cent, or 0.1%, at $4.20 a bushel, holding above a life-of-contract low set on Monday at $4.12-1/2.

Soybeans and wheat firmed as traders worked to adjust their positions ahead of Thursday's monthly supply-and-demand report from the U.S. Department of Agriculture. Analysts surveyed by Reuters, on average, expected the USDA to trim its U.S. wheat production forecasts and raise its estimates of corn and soybean crops in Brazil and Argentina.

Soybeans and soyoil BOv1 drew additional support from crude oil CLc1 futures, which rose after U.S. President Donald Trump scolded Iran in a Truth Social post following tit-for-tat strikes between the U.S. and Iran overnight. Oilseed markets sometimes track movements in crude oil given expanding use of biodiesel fuel.

Generally favorable U.S. crop weather hung over the markets, capping rallies. Widespread rains across the Midwest this week and milder temperatures following late-week heat were seen aiding crop germination and early growth.

"Conditions are looking good for corn, and that is keeping buying interest away," Said Jack Scoville of the Price Futures Group in Chicago. "Conditions are great for soybeans too, but they did show a little bit of deterioration," Scoville said. He noted that the USDA lowered its crop condition ratings for soybeans in a weekly report on Monday.