SINGAPORE, Feb 6 (Reuters) - Chicago soybeans gained more ground on Tuesday, with bargain buying supporting prices after the market dropped to its lowest in more than three years in the last session.
Corn edged higher, while wheat was largely unchanged with traders adjusting positions ahead of key reports expected later this week.
FUNDAMENTALS
* The most-active soybean contract on the Chicago Board of Trade (CBOT) rose 0.2% to $11.98-1/2 a bushel, as of 0112 GMT, corn added 0.2% to $4.43-3/4 a bushel and wheat was flat at $5.90-1/4 a bushel.
* Soybeans dropped to their lowest since December 2020 on Monday at $11.79-1/2 a bushel.
* In the agricultural market, the focus is on a slew of government reports slated to be released on Thursday.
* The data includes the U.S. Department of Agriculture's (USDA) monthly supply and demand report; Brazil's CONAB monthly corn & soy production estimates; and Statistics Canada's grain stocks report.
* Brazilian farmers have sown 27% of the area expected to be planted with second corn in the center-south, marking the fastest pace for second corn planting since records began in 2013, agribusiness consultancy AgRural said on Monday.
* There had been concerns over Brazilian corn planting after the country's soybean harvest was delayed due to adverse weather. Planting second corn fast is crucial as farmers try to avoid sowing it outside the ideal climate window, which usually closes in late February.
* Russian wheat export prices continued to decline last week, still under pressure from oversupply, while shipments rose to a four-month high after better weather at ports, analysts said.
* The price of 12.5% protein Russian wheat scheduled for free-on-board (FOB) delivery in March was $228 a metric ton, down $7 from the previous week, the IKAR agriculture consultancy reported.
* The U.S. Department of Agriculture on Monday reported weekly export inspections showed U.S. soybeans in the latest week at 1,426,472 metric tons, far above trade expectations - but below the volume at the same time last year, traders said.
* Commodity funds were net buyers of CBOT soybean, corn, soyoil and soymeal futures contracts on Monday, and net sellers of wheat futures contracts, traders said.
MARKET NEWS
* Shares on Wall Street and in Europe fell on Monday and government bond yields jumped as traders amended their expectations of a near-term U.S. interest rate cut.
DATA/EVENTS (GMT) 0700 Germany Industrial Orders MM Dec 0700 Germany Manufacturing O/P Cur Price SA Dec 0700 Germany Consumer Goods SA Dec 0930 UK S&P Global PMI: MSC Composite- Output Jan (Reporting by Naveen Thukral; Editing by Rashmi Aich)
