GRAINS-Corn rises after 5-day slide as USDA report nears
* Corn sees short-covering as Monday's USDA data in sight
* Record China imports in July help soybean prices bounce
* Corn, soy still curbed by big expected U.S., world supply
* U.S., European wheat also steady after one-year lows
(Updates with European trading, changes byline/dateline) PARIS/SINGAPORE, Aug 8 (Reuters) - Chicago corn futures edged up on Thursday as the market steadied after falling for five consecutive sessions on ideal crop weather, with some investors opting to cover positions in the run-up to closely watched U.S. grain forecasts. Soybeans, which like corn have been pressured by increasing expectations of a bumper harvest this year, also rebounded slightly, gaining additional support from record Chinese imports of the oilseed last month. Chicago wheat ticked higher after dropping to its lowest level since June 2012 in the previous session under pressure from corn and slowing export demand. "Investors in the corn market are covering shorts right now as U.S. corn is oversold and there is potential for upside," said Kaname Gokon, deputy general manager at Tokyo-based Okato Shoji Co. Chicago Board of Trade new-crop December corn rose 0.9 percent to $4.62-1/2 a bushel by 1137 GMT, while spot corn added 1.0 percent to $4.73. Both prices sank to their lowest levels since October 2010 earlier this week. CBOT November soybeans gained 1.0 percent to $11.77-1/4 a bushel. Front-month prices rose 0.85 percent to $13.39 to pull away from a Wednesday's low of $13.13-3/4, a level not seen previously since March 2012. The approaching monthly supply-and-demand report from the U.S. Department of Agriculture, due to be published at 1600 GMT on Monday, was encouraging a cautious tone in the market. Operators will be watching to see if the U.S. government goes along with recent positive assessments of the corn crop. Corn and soybean fields in east-central Iowa were in good condition and on track for above-average yields, but late plantings could push back the harvest by a few days, surveyors on the final day of an annual crop tour found.
CHINA'S RECORD SOY IMPORTS The potential for another bumper crop in Brazil in the year ahead was reinforcing a bearish supply outlook in soy. Brazil will likely produce between 83.28 million and 85.57 million tonnes of soybeans in the upcoming 2013/14 season, beating the 2012/13 record as farmers favour soy over corn, FCStone analysts said on Wednesday. The market found some support in demand from China, which imported a record 7.20 million tonnes of soybeans in July, up 3.9 percent from June, figures from the General Administration of Customs showed. "All the same, the global soybean market is likely to show a considerable supply surplus in 2013/14 on the back of bumper crops in the U.S. and South America," Commerzbank analysts said. "These prospects should continue to weigh on soybean prices." Spot-month wheat rose 0.35 percent to $6.45-3/4 a bushel, not far from Wednesday's more than one-year low of $6.39 a bushel. In Paris, where European prices this week slipped to 183 euros, a level last seen in December 2011, November milling wheat inched up 0.1 percent to 183.50 euros. The U.S. wheat market has faced pressure this week from disappointment over U.S. wheat losing export sales to more competitive Black Sea and Australian origins, while Paris prices have been cooled by an advancing European harvest. Weekly U.S. and European Union export data later on Thursday will offer a fresh indication of current export demand.
* Prices as of 1137 GMT
Product Last Change Pct Move CBOT wheat 645.75 2.25 +0.35 CBOT corn 462.50 4.25 +0.93 CBOT soy 1177.25 11.50 +0.99 Paris wheat 183.50 0.25 +0.14 Paris maize 166.75 0.25 +0.15 Paris rape 357.00 1.00 +0.28 WTI crude oil 104.09 -0.28 -0.27 Euro/dlr 1.34 +0.17 * CBOT futures prices are in cents per bushel, Paris futures in
euros per tonne, WTI crude oil in dollars per barrel.
(Editing by Himani Sarkar and Keiron Henderson)