Soybeans and corn rise, wheat drops

HAMBURG, Mar 4 (Reuters): Chicago soybeans and corn rose on Monday in bargain buying after hitting three-year lows last week but plentiful supply from South America limited gains.
Wheat fell in continued pressure from cheap Black Sea export supplies, especially Russian.
Chicago Board of Trade most-active soybeans rose 0.6% to $11.58-3/4 a bushel at 1211 GMT after hitting their lowest since November 2020 last week.
Corn rose 0.4% to $4.26-1/2 a bushel, also having slid to the lowest since November 2020 last week. Wheat rose 0.3% to $5.54 a bushel following Friday's sharp falls.
Forecasts of good Brazilian crops weakened soybeans last week while hefty South American and US supplies depressed corn.
"Corn and soybeans are benefiting from bargain-buying after strong price falls last week but the rise rather looks like lacking conviction, appearing like a dead cat bounce against a continued bearish background picture of big South American supplies," said Matt Ammermann, StoneX commodity risk manager.
"For soybeans, Brazilian harvest and export pressure remain in place. As Brazilian exports reach their seasonal peak soon it is difficult to see how the US can compete."