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GRAINS-U.S. soy prices rise in modest rebound from one-month low

* U.S. soy crop boosted by cooler weather and showers

* France farm ministry raises wheat crop forecast

* Prospects for Russia wheat crop, exports also improving

LONDON, Aug 7 (Reuters) - U.S. soybean futures rose 1 percent on Monday as the market rebounded from last week's one-month low although favourable crop conditions in the Midwest capped gains.

Chicago wheat futures also rose on bargain-buying after prices dropped for the past five sessions to the weakest since mid-June on Friday.

"This is nothing more than a slight counter-movement following last week's marked downswing," Commerzbank said in a market note.

The Chicago Board Of Trade most-active soybean contract gained 1.0 percent to $9.66-1/4 a bushel by 1140 GMT.

Soybeans hit a low of $9.55-1/2 a bushel on Aug. 3, the weakest since June 30.

"Soybean crops (in the U.S.) are benefiting from moderate temperatures and showers," Agritel said in a market note.

Chicago wheat added 0.8 percent to $4.58-1/4 a bushel after dropping on Friday to the lowest since June 15.

"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.

EU wheat prices were lower, weakened by improved crop outlooks in France and Russia.

France's farm ministry has raised its estimate of the country's 2017 soft wheat crop, confirming a rebound from last year's poor harvest.

The potential for increased competition from the Black Sea region following an improved crop outlook, particularly in Russia, also weighed on prices.

December wheat futures on Euronext were down 0.4 percent at 168.24 euros a tonne.

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.

"The market is waiting for the new forecasts from the U.S. Department of Agriculture... Initial data from field samples are now being used to predict the corn yields," Commerzbank said.

"Private market observers had made significant downward revisions here, so the USDA is also likely to downwardly adjust its figures."

Chicago corn futures rose 1.05 percent to $3.85 a bushel. (Additional reporting by Naveen Thukral; Editing by Richard Pullin,editing by David Evans)