* Corn up ahead of USDA report, lower U.S. yields support
* Chicago wheat, soybean futures gain for 2nd session
(Adds details, quote) Oct 7 (Reuters) - Chicago corn futures rose on Monday, recouping some of the previous session's losses on expectations of lower U.S. yields and tighter global supplies. Soybeans and wheat rose for a second straight session ahead of a U.S. Department of Agriculture (USDA) report on world supplies due later this week. The most-active corn contract on the Chicago Board Of Trade rose by 0.6% to $3.87 a bushel, as of 0325 GMT, after closing down 1% in the previous session. Wheat added 0.6% at $4.93-1/4 a bushel, having closed 0.4% higher on Friday, and soybeans gained 0.2% at $9.18-1/4 a bushel, having risen 0.5% in the previous session. "There are some concerns over the size of U.S. crop and the latest stocks report has just tightened that global balance sheet just a fraction," said Ole Houe, director of advisory services at brokerage IKON Commodities in Sydney. "We typically see prices rise." There are expectations of lower U.S. yields after rains and flooding delayed this year's planting. Private analytics firm IEG Vantage, formerly known as Informa Economics IEG, on Friday lowered its forecast of the average U.S. 2019 corn yield to 167.5 bushels per acre from 169.6 bushels a month ago, according to an IEG client note seen IEG forecast the average U.S. 2019 soybean yield at 46.5 bushels per acre, down from 48.4 bushels last month. The firm put soybean production at 3.513 billion bushels, down from 3.671 billion bushels previously. The market is waiting USDA's World Agricultural Supply and Demand Estimates scheduled for release on Thursday at 1600 GMT. The Trump administration on Friday unveiled a plan to boost U.S. biofuels consumption starting next year to help struggling farmers, a move that cheered the agriculture industry but triggered a backlash from Big Oil. The plan would require an unspecified increase in the amount of ethanol that oil refiners must add to their fuel in 2020, and would also aim to remove further barriers to the sale of higher ethanol blends of gasoline like E15, the Environmental Protection Agency said in a statement. Soybean farmers in Brazil's largest growing state of Mato Grosso have planted 6.65% of the estimated area so far for the 2019/2020 soy crop, below the 12.6% level seen at this time last year due to scarce rainfall, state research institute Imea said on Friday. Large speculators trimmed their net short position in CBOT corn futures in the week to Oct. 1, regulatory data released on Friday showed. The Commodity Futures Trading Commission's weekly commitments of traders report also showed that non-commercial traders, a category that includes hedge funds, trimmed their net short position in CBOT wheat and soybeans.
Grains prices at 0325 GMT
Contract Last Change Pct chg Two-day chg MA 30 RSICBOT wheat 493.25 2.75 +0.56% +0.92% 480.42 59CBOT corn 387.00 2.25 +0.58% -0.45% 371.46 64CBOT soy 918.25 2.00 +0.22% +0.71% 885.83 70CBOT rice 11.65 -$0.02 -0.13% -0.60% $11.97 31WTI crude 52.66 -$0.15 -0.28% +0.40% $55.99
Euro/dlr $1.098 $0.001 +0.05% +0.16%USD/AUD 0.6752 -0.002 -0.24% +0.16%
Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential
(Reporting by Naveen Thukral; Editing by Subhranshu Sahu)