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GRAINS-Soybeans, corn futures rebound on Chinese buying; wheat firms

* China’s purchases of corn, wheat, soybeans supports prices

* Crop-friendly U.S. weather seen limiting gains in prices (Adds details on fund buying, quote; paragraph 2)

SINGAPORE, July 22 (Reuters) - Chicago soybeans futures bounced back on Wednesday, rising for six out of seven sessions while corn gained ground on strong Chinese demand.

Wheat gained for a second consecutive session.

“We have seen recent Chinese purchases for soybeans, corn and wheat which has underpinned prices,” said one Singapore-based trader. “It is not just U.S. products, China has taken some Australian wheat as well.”

The Chicago Board of Trade most-active soybean contract added 0.5% to $8.97-1/2 a bushel, as of 0313 GMT, corn rose 0.5% to $3.24-1/2 a bushel and wheat gained 0.4% to $5.29-3/4 a bushel.

Since July 10, the U.S. Department of Agriculture (USDA) has reported China bought 3.259 million tonnes of U.S. corn, along with 1.298 million tonnes of soybeans and 320,000 tonnes of hard wheat.

China booked a small purchase of U.S. soybeans for the second consecutive day on Tuesday, the USDA said, buying 126,000 tonnes for delivery in the 2020/21 marketing year.

China’s move to sell domestic rice and wheat to replace expensive corn could lower the need to import U.S. farm goods.

The country plans to sell rice and wheat from state reserves to animal feed producers struggling with high corn prices, three sources familiar with the matter said.

Near-perfect growing conditions across the U.S. Midwest are likely to cap gains in U.S. farm goods’ prices.

In its weekly crop report on Monday, the USDA rated 69% of soybeans in good-to-excellent condition, up from 68% last week. Analysts had expected 67%.

The agency said 69% of U.S. corn was in good-to-excellent condition, unchanged on the week. Analysts had expected 68%.

Brazil’s July soybean exports are expected to reach 8.8 million tonnes based on shipping line-up data, up from 6 million tonnes in the same month a year ago, according to grain exporter association Anec.

Commodity funds were net buyers of CBOT wheat and soyoil futures contracts on Tuesday and net sellers of corn, soybean and soymeal futures, traders said. (Reporting by Naveen Thukral; Editing by Subhranshu Sahu and Rashmi Aich)

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