GRAINS-Soybeans bounce from near 2-week low, wheat and corn rise

* Chinese demand, buying interest supports soybeans

* Short covering supports wheat, corn

(Recasts with European trade, adds new comment, changes dateline) HAMBURG, Oct 25 (Reuters) - Chicago soybean futures rose on Wednesday on buying interest after dropping to their lowest in almost two weeks, but gains were limited by the rapidly advancing U.S. harvest giving a boost to world supplies. "Soybeans are seeing a bounce today on bargain-hunting after their falls in the past two days," said Matt Ammermann, commodity risk manager at INTL FCStone. "I think wheat and corn are seeing support from short-covering and buying interest despite the background of large global supplies." Chicago Board of Trade November soybeans rose 0.7 percent to $9.82-3/4 a bushel at 1057 GMT. Soybeans fell 0.4 percent on Tuesday after hitting their lowest since Oct. 12 at $9.72-3/4 a bushel. December corn rose 0.2 percent to $3.53-1/2 a bushel after gaining about 2.3 percent in the last two sessions. December wheat was up 0.3 percent at $4.39-1/2 having risen some 2.9 percent in the past two days. "Soybeans are seeing more focus on the demand side, with the supply situation looking reasonably calm with the U.S. harvest progressing well although there are some questions still about progress with Brazilian soybean sowings," Ammermann said. "Soybean demand is again being dominated by China, whose import statistics on Tuesday showed a 12.7 percent increase on the month to a huge 8.11 million tonnes of soybeans - a September record." "As Chinese economic growth continues there really seems only one way that Chinese soybean imports are going: upwards." Brazil, the United States and Argentina made the largest soybean shipments to China in September, customs data showed on Tuesday. The U.S. Department of Agriculture (USDA) said in its weekly crop progress report on Monday the U.S. soybean harvest was 70 percent complete, ahead of analyst forecasts of 64 percent. Australia's wheat farmers face a double blow this year as dry weather slashes local production at a time when bloated global inventories are dragging on international prices for the grain. "Wheat could be getting some background support from problems with the Australian harvest but the overall plentiful supply picture globally could limit rises," Ammermann said. "Corn could also benefit from expectations of good ethanol production numbers in the United States but the but U.S. corn crop is making good progress." "Short covering seems to be the immediate support for corn and wheat today against the background of net short positions held in both grains by investment funds." Grains prices at 1057 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 439.50 1.50 +0.34% +0.63% 442.35 55 CBOT corn 353.50 0.75 +0.21% +0.64% 350.85 59 CBOT soy 982.50 7.00 +0.72% +0.18% 973.22 53 CBOT rice $11.63 $0.02 +0.17% -2.92% $12.15 27 WTI crude $52.35 -$0.12 -0.23% +0.87% $51.01 64


Euro/dlr $1.177

Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight

RSI 14, exponential

(Reporting by Michael Hogan, additional reporting by Naveen Thukral, editing by David Evans)