CHICAGO, July 3 (Reuters) - Chicago Board of Trade soybean futures rose on short covering on Wednesday after falling near a four-year low this week on concerns about large supplies and lackluster U.S. export demand, analysts said.

Corn futures were flat and close to a four-year low, while wheat futures declined.

Traders adjusted positions before the CBOT closes on Thursday for the U.S. Independence Day holiday.

"The soybean market is in the process of correcting its oversold condition," said Tomm Pfitzenmaier, analyst for Summit Commodity Brokerage.

CBOT November soybeans, which represent the crop that will be harvested this autumn, were up 11 cents at $11.24 a bushel by 11:50 a.m. CDT (1650 GMT). On Monday, the most-active contract slumped to $10.97, its lowest since 2020.

The U.S. Department of Agriculture will issue weekly U.S. export sales data on Friday, one day later than normal because of Thursday's holiday. The agency said in a daily reporting system that exporters sold 110,100 metric tons of U.S. soy to unknown buyers.

U.S. farmers planted 3% more soybeans this year than last, the USDA said in a report on Friday, setting up expectations for a bigger harvest. The crop's critical growing period is typically in August, though, some traders remain uncertain about production.

"It will likely take some crop problems to entice buyers back into the market or to incentivize funds to cover their short positions in a major way," Pfitzenmaier said.

Farmers are keeping grain and soy from last year's harvests in storage due to low prices.

The USDA on Friday increased its estimate for U.S. corn plantings from March by more than analysts expected, and most-active futures hit a 2020 low.

July is typically the most important month for weather to determine the size of the corn crop.

"There's nothing out there right now that seems like it's going to turn into a widespread crisis," FuturesOne broker Matt Wiegand said.

CBOT December corn was unchanged at $4.21-1/4 a bushel. CBOT September wheat slipped 1-1/4 cents to $5.79-3/4 a bushel.

Consultancy SovEcon raised its forecast for wheat output in top-supplier Russia.

(Reporting by Tom Polansek in Chicago. Additional reporting by Peter Hobson in Canberra and Sybille de La Hamaide in Paris; Editing by Rashmi Aich, Mrigank Dhaniwala, Maju Samuel and Aurora Ellis)