* Corn futures follow wheat, soybeans on the day
* Uptick in U.S. soybean processing supports Chicago futures
* Wheat rises after 2 days of losses
(Recasts throughout to reflect market changes; updates with new bullets, new headline, adds latest prices and analyst comments, previous PARIS/SINGAPORE)
CHICAGO, Oct 18 (Reuters) - Chicago wheat futures rose for the first time in three sessions on bargain buying on Wednesday, with corn futures following, traders said.
However, large volumes of competitive exports from Russia, the world's biggest shipper, continue to weigh on wheat prices, traders said.
Meanwhile soybean futures hit a three-week high early in the day, as demand in the U.S. domestic market underpinned prices.
But soybean futures saw a flurry of volatile trading - with most contracts turning down at one point - despite a
soymeal market rally
fueled in part by export demand and tight supplies, as well as news that
U.S. exporters had sold
132,000 metric tons of soybeans to China for the 2023-2024 marketing year.
Some traders are betting that seasonal price lows have been set and U.S. farmers are wrapping up their harvest.
Growers have been showing
little interest in booking
new deals even as cash prices for corn hovered around $5 a bushel and soybean prices around $13 a bushel in many areas.
Instead, some farmers are betting that
severe drought in parts of Brazil
may help fuel a commodity price rally later in the season, grain elevator sources said.
But in the futures market on Wednesday, some soybean traders opted to take profits on longer-term forecasts of wetter weather in South America.
"The tie breaker in the market today is that six-to-10 day forecast of rain in northern Brazil," said Don Roose, president of brokerage U.S. Commodities.
The most-active wheat contract on the Chicago Board of Trade (CBOT) was up 1.62% at $5.79-3/4 a bushel as of 1639 GMT.
Soybeans were up 0.19% at $12.99-1/4 a bushel, after rising earlier in the session to $13.10 a bushel, the highest since Sept. 27. Corn was up 0.77% to $4.92-3/4 bushel. (Reporting by Naveen in Singapore and Sybille de La Hamaide in Paris; Editing by Subhranshu Sahu, Louise Heavens and Richard Chang)
