* Soybeans rise after Friday's lowest since late June
* Wheat recoups losses on bargain-buying, corn up for 2nd day
(Adds details, quotes) SINGAPORE, Aug 7 (Reuters) - Chicago soybean futures rose nearly 1 percent on Monday as the market rebounded from last week's lowest since late June, although gains were capped by forecasts of crop-friendly weather in the U.S. Midwest. Wheat rose on bargain-buying after prices dropped for the past five sessions to the weakest since mid-June on Friday, while corn gained for a second session. The Chicago Board Of Trade most-active soybean contract gained 0.8 percent to $9.64-1/2 a bushel by 0248 GMT after closing down 0.4 percent on Friday. Soybeans hit a low of $9.55-1/2 a bushel on Aug. 3, the weakest since June 30. Wheat added 0.7 percent to $4.58 a bushel after dropping on Friday to the lowest since June 15 at $4.53-1/2 a bushel. Corn rose 0.8 percent to $3.84 a bushel, adding to Friday's 0.9 percent gain. "Grain and oilseed markets are taking a bit breather after big action last week and probably there is some bargain buying at these levels," said Phin Ziebell, agribusiness economist at National Australia Bank. "The wheat market is trying to find a level where supply risks have been priced in." Soybeans had come under pressure amid forecasts for favourable rains. The U.S. Department of Agriculture will on Thursday release its latest monthly supply and demand report in which it will update its corn yield projection including first data from field surveys. But the full impact of a hot and dry summer in the U.S. Midwest is unlikely to show up in the government's next estimate of the U.S. corn crop as it typically makes just small adjustments to its harvest outlook during August. Russia's IKAR raised its forecast for Russia's 2017 wheat crop to 74-77 million tonnes from a previously expected 72-75 million tonnes. Large speculators cut their net long position in CBOT corn futures in the week to Aug. 1, regulatory data released on Friday showed. The Commodity Futures Trading Commission's weekly commitments of traders report also showed that noncommercial traders, a category that includes hedge funds, increased their net short position in CBOT wheat and increased their net short position in soybeans.
Grains prices at 0248 GMT
Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 458.00 3.25 +0.71% +0.05% 498.90 34 CBOT corn 384.00 3.00 +0.79% +1.65% 390.76 49 CBOT soy 964.50 7.75 +0.81% +0.42% 988.58 34 CBOT rice 12.33 $0.00 +0.00% -1.28% $12.00 60 WTI crude 49.52 -$0.06 -0.12% +1.00% $46.79 63
Euro/dlr $1.179 $0.003 +0.22% -0.62% USD/AUD 0.7938 0.002 +0.20% -0.13%
Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential
(Reporting by Naveen Thukral; Editing by Richard Pullin)