Soybeans and corn extend gains on export wave

PARIS/SINGAPORE, Oct 24 (Reuters): Chicago soybean and corn futures rose for a fourth consecutive session on Thursday as a wave of export sales offset supply pressure from a rapid US harvest and improved planting weather in South America.

Wheat edged up, drawing support from corn and soy, with traders still assessing the potential impact on Black Sea trade from Russian steps to regulate exports.

The most active soybean contract on the Chicago Board of Trade (CBOT) was up 0.8 per cent at $10.05 a bushel by 1037 GMT. CBOT corn rose 0.6 per cent to $4.21-1/2 a bushel.

Both crops were trading at their highest in more than a week.

The markets have rebounded from multi-week lows last week as a series of daily export sales by the U.S. Department of Agriculture have boosted demand sentiment.

"We think that soybeans will continue to find good demand and U.S. harvest pressure has largely come and gone," said Ole Houe, director of advisory services at IKON Commodities in Sydney.

"However, the global market remains well supplied in the near to medium term, so there is a limit to how far beans can run to the upside."

U.S. soybean export premiums are at their highest in 14 months as grain merchants race to ship out a record U.S. harvest ahead of the U.S. presidential election and fears of renewed trade tensions with top importer China.

Some polls showing U.S. Vice President Kamala Harris is leading Republican challenger Donald Trump also helped soybean prices this week by calming concern over the potential for a trade war with China, analysts said.

Grain markets will receive another gauge of overseas demand from weekly U.S. export sales figures later on Thursday.