GRAINS-Corn firmer on bargain hunting after price falls
* Corn rises after selloff
* Tuesday price falls prompt buying
* Soybeans mixed, wheat firm
(Adds firmer trend in European trade) HAMBURG/SINGAPORE, July 24 (Reuters) - Chicago corn was firmer on Wednesday due to bargain hunting after prices fell to the lowest in more than 2-1/2 years on Tuesday because of crop-friendly weather in the U.S. Midwest. Soybeans were mixed, with new crop contracts firm on buying interest after sharp falls on Tuesday but with spot prices weakened by market talk of Chinese inventory sales. Wheat also found support from buying after it dropped to its lowest level in more than three weeks on Tuesday. "Soybeans and corn are being supported by some purchasing today as some people seem to be buying back positions they sold on Tuesday as prices fell in Chicago," said Arnaud Saulais of Starsupply Commodity Brokers. "But overall corn remains in a bearish trend." Chicago Board of Trade new crop December corn rose 0.3 percent to $4.87 a bushel by 1145 GMT. Chicago November soybeans rose 0.5 percent to $12.66-3/4 a bushel. But spot August soybeans fell 0.7 percent to $14.52-1/4 a bushel after falling almost 4 percent on Tuesday. Pressure on nearby soybeans stemmed from unconfirmed rumours that China, the world's top importer, may sell 3 million tonnes of the oilseed from government reserves, potentially reducing its demand for U.S. shipments, traders said. The wheat market climbed after sliding to its lowest since July 2 in the previous session. The most-actively traded September wheat contract rose 0.5 percent to $6.57 a bushel. A new wheat tender from Egypt also provided background support by underlining stronger importer demand, traders said. "Grain futures are steady to higher in a quiet session overnight," brokers Allendale said in a note. "Short covering and spreading seem to be the major focus." Traders stressed the bearish outlook for corn remained as favourable U.S. weather conditions are arriving just as corn is starting to pollinate, the most important period of development for determining the size of the harvest. Spring wheat yields in southern North Dakota are expected to be larger than average and higher than last year, as dry and hot conditions in July helped the crop develop after rain delayed planting throughout much of May, scouts on annual tour said on Tuesday.
* Prices at 1145 GMT
Product Last Change Pct Move End 2012 Ytd Pct Paris wheat 190.75 0.25 +0.13 195.25 -2.30 London wheat 166.00 0.25 +0.15 153.65 8.04 Paris maize 173.00 -0.50 -0.29 197.25 -12.29 Paris rape 374.25 3.50 +0.94 421.50 -11.21 CBOT wheat 656.50 2.75 +0.42 671.25 -2.20 CBOT corn 486.50 1.00 +0.21 654.75 -25.70 CBOT soybeans 1327.00 3.00 +0.23 1207.75 9.87 Crude oil 107.22 -0.01 -0.01 98.83 8.49 Euro/dlr 1.3243 * All grain and oilseed prices for second position. Paris futures prices in
Euros per tonne, London wheat in pounds per tonne and CBOT in cents per bushel.
(Editing by Anthony Barker)