Soybeans rebound from 4-day low, all eyes on weather outlook



CANBERRA, Aug 2 (Reuters) - U.S. soybean futures edged higher on Monday, rebounding from a near one-week low touched in the previous session, aided by global supply concerns following recent adverse weather in a key growing region.

FUNDAMENTALS

* The most active soybean futures on the Chicago Board Of Trade Sv1 were up 0.2% to $13.51-1/2 a bushel by 0110 GMT, after closing down 2.1% on Friday when prices hit a July 26 low of $13.43 a bushel.

* The most active corn futures Cv1 were up 0.2% to $5.64-1/4 a bushel, after ending down 2% in the previous session.

* The most active wheat futures Wv1 were up 0.8% $7.09 a bushel, after closed 0.2% lower on Friday.

* Rains forecasts across some parts of U.S. Midwest, which would aid some soybean and corn crops.

* Traders await direction from the U.S. Department of Agriculture's weekly crop condition ratings on Monday, and from private estimates of U.S. corn and soy yields ahead of the USDA's big Aug. 12 crop supply/demand report.

* An annual U.S. crop tour last week projected the average spring wheat yield in North Dakota, the top-producing state, at 29.1 bushels per acre, the lowest in tour records going back to 1993.

* The International Grains Council this week cut its 2021/22 world wheat crop outlook by one million tonnes to 788 million tonnes, with the diminished outlook for North America partially offset by improved prospects in the European Union.

MARKET NEWS

* The dollar rose on Friday along with other safe haven currencies as stocks fell and upbeat U.S. economic data helped reverse some of the losses from earlier this week when dovish remarks by the Federal Reserve tanked a month-long rally in the greenback.

* Oil prices edged higher on Friday, with global benchmark Brent posting a fourth monthly gain, with demand growing faster than supply and vaccinations expected to alleviate the impact of a resurgence in COVID-19 infections across the world.


Reporting by Colin Packham; Editing by Rashmi Aich

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