* Wheat rises after 3 days of losses, soybeans up for 2nd day
* Rapid progress of U.S. winter wheat harvest, rains in Australia
(Recasts with wheat, adds quote, updates prices) SINGAPORE, June 27 (Reuters) - Chicago wheat futures rose on Wednesday, snapping three sessions of losses on bargain-buying, although the rapid pace of the U.S. winter crop harvest and beneficial rains in Australia capped gains. Soybeans and corn ticked higher. The Chicago Board of Trade most-active wheat contract rose 0.5 percent to $4.85-1/4 a bushel by 0328 GMT, having lost almost 5 percent in the past three sessions. The new-crop November soybeans gained 0.2 percent to $8.89-1/2 a bushel and corn added 0.1 percent to $3.53 a bushel. "U.S. wheat harvest is progressing well and yields are not as low as expected earlier," said one India-based agricultural commodities analyst at an international bank. "Consumers are clearly not worried about wheat supplies." The U.S. Department of Agriculture late on Monday said the U.S. winter wheat harvest was 41 percent complete while the Kansas harvest was 52 percent finished, ahead of the state's five-year average of 32 percent. Australia's drought-hit eastern grain belt is forecast to get some rains which are expected to limit yield losses. The USDA late on Monday rated 73 percent of the U.S. soybean crop in good-to-excellent condition, its highest rating for this time of year in records dating to the mid-1980s. Traders have started to adjust positions ahead of the USDA's acreage and quarterly stocks reports on Friday. Analysts surveyed by Reuters on average expected the government to raise its U.S. corn and soybean plantings estimates from the forecasts the USDA released in March. Commodity funds were net sellers of CBOT soybean, wheat, soymeal and soyoil futures contracts on Tuesday and net buyers of corn, traders said. In news, the CME Group is to introduce options contracts for its Black Sea wheat and corn futures as it seeks to further develop the derivatives targeting a major export zone. The options will start trading on July 16, subject to regulatory approval, CME said in a statement on Tuesday.
Grains prices at 0328 GMT
Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 485.25 2.25 +0.47% -3.91% 523.20 33 CBOT corn 353.00 0.50 +0.14% -1.19% 380.93 32 CBOT rice 12.51 $0.00 +0.00% -0.75% $12.00 57 WTI crude 70.88 $0.35 +0.50% +3.35% $67.87 71
Euro/dlr $1.166 $0.000 +0.00% +0.47% USD/AUD 0.7376 -0.006 -0.85% -0.04%
(Reporting by Naveen Thukral; Editing by Sunil Nair)