Grains, soy rebound, focus still on debt crisis

LONDON, Nov 28 (Reuters): US corn, wheat and soybeans rebounded Monday from recent setbacks, tracking widespread gains in commodity markets linked to hopes that euro zone leaders may come up with steps to help resolve the regions' debt crisis. "We're still having macroeconomic sentiment very much in the driving seat," Barclays Capital analyst Sudakshina Unnikrishnan, adding choppy trading linked to the changing economic outlook would continue for the near-term. "I think any strong gains are unlikely at this time unless they are backed by a significant improvement in terms of the broader economic picture," she added. Chicago Board of Trade corn for March delivery rose 10-12 cents or 1.8 per cent to $6.00-12 a bushel by 1330 GMT. The contract touched $5.87 on Friday, its lowest level since early October. "The market is taking direction from the developments in the euro zone, there is talk of an IMF fund to help Italy," said Ker Chung Yang, an analyst at Phillip Futures in Singapore. The euro rebounded, buoyed by stock markets after an unsourced report in Italian daily La Stampa that 600 billion euros could be made available at a rate of between 4-5 per cent to give Italy breathing space for 18 months. An IMF spokesperson said there were no discussions with the Italian authorities on a programme for IMF financing and the amount the paper cited was well above the Fund's entire loan stock.