GRAINS-US soybeans rebound, corn ticks up from 3-month low

* Soy up 0.6 pct, corn rises 0.2 pct, wheat 0.4 pct
* Corn, soy face weekly losses on harvest pressure
* Wheat on track for 2nd week of decline on weather
* Wheat set for biggest quarterly gain since Q4 2010
* Coming Up:USDA quarterly stocks report 1230 GMT

(Adds details, quotes)
By Naveen Thukral
SINGAPORE, Sept 28 (Reuters) - U.S. soybeans rose 0.6
percent on Friday, recouping previous session's losses, while
corn ticked up from a three-month low on position squaring ahead
of the government's quarterly stocks report.
Wheat rose 0.4 percent, but the market is on track for a
second straight weekly decline with favourable crop weather
aiding the U.S. winter crop planting.
"It is a bit of position squaring before the report," said
Lynette Tan, investment analyst at Phillip Futures in Singapore.
"Corn and soybean markets have been under pressure this week
because of the ongoing harvest. Corn harvest is progressing at a
much quicker pace than this time last year."
U.S. corn stocks fell to the lowest level in eight years at
the end of the 2011/12 season (Sept-Aug), analysts polled by
Reuters said.
The 17 analysts surveyed expected the U.S. Department of
Agriculture's quarterly stocks report on Friday to show stocks
as of Sept. 1 - also the ending stocks for the 2011/12 marketing
year - at 1.113 billion bushels.
Chicago Board of Trade November soy rose 0.6 percent
to $15.80-1/4 a bushel by 0318 GMT, while December corn
gained 0.2 percent to $7.17-3/4 a bushel. December wheat
added 0.4 percent to $8.59 a bushel.
November soybeans have given up more than 9 percent since
the beginning of last week, the biggest 2-week slide in a year,
while December corn has dropped more than 4 percent this week,
falling for a fifth straight week.
December wheat is down 4.2 percent this week, extending
losses from last week's near 3-percent slide.
For the quarter, front-month soybeans are up 4.4
percent, rising for a fourth quarter in a row. Corn is up
6.8 percent, building on 4.4 percent gain in the last quarter
amid shrinking world supplies. Wheat, which has been
buoyed by expectations of Russian export curbs, has gained about
16 percent, its biggest quarterly rise since 2010.
There was support for the soybean market from the USDA's
weekly exports sales report. It said net export sales of U.S.
soybeans last week hit a six-week high of nearly 800,000 tonnes
and also reported an additional 110,000-tonne sale to China via
its daily reporting system.
"U.S. soybean meal export sales were particularly strong
last week, supporting our thesis that strong global meal demand
remains a major factor supporting prices," Luke Mathews,
commodities strategist at the Commonwealth Bank of Australia,
said in a report.
In the wheat market, there was pressure from favourable
weather for the winter crop planting.
Rain showers over the past week have enhanced the prospects
for next year's harvest of U.S. winter wheat and caused only a
minor blip in harvesting corn and soybeans in what has been the
nation's worst drought in 56 years, an agricultural
meteorologist said on Thursday.
Rainfall this week over nearly all areas of the
drought-stricken U.S. Plains has greatly boosted prospects for
autumn seeding of the 2013 hard red winter wheat crop.

Prices at 0318 GMT
Contract Last Change Pct chg Two-day chg MA 30 RSI
CBOT wheat 859.00 3.50 +0.41% -1.18% 889.32 40
CBOT corn 717.75 1.50 +0.21% -0.97% 780.39 23
CBOT soy 1580.25 9.50 +0.60% +0.46% 1692.20 28
CBOT rice $15.20 $0.03 +0.20% +1.30% $15.26 57
WTI crude $92.26 $0.41 +0.45% +2.53% $95.11 43
Currencies
Euro/dlr $1.293 $0.002 +0.16% +0.49%
USD/AUD 1.046 0.002 +0.24% +0.94%
Most active contracts
Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
RSI 14, exponential

(Editing by Himani Sarkar)
(naveen.thukral@thomsonreuters.com; +65-6870-3829; Reuters
Messaging: naveen.thukral.thomsonreuters.com@reuters.net)