Soybeans and corn steady

CANBERRA, Jan 9 (Reuters): Chicago soybean and corn futures steadied on Tuesday after falling oil prices and improved crop conditions in major producer Brazil dragged them to multi-year lows in the previous trading session.

Wheat futures also rose slightly after a sharp drop on Monday.

The most-active soybean contract on the Chicago Board of Trade was up 0.3% at $12.49-3/4 a bushel by 0333 GMT after slumping to $12.36 on Monday, its lowest since December 2021.

CBOT corn dipped 0.1% to $4.54-3/4 a bushel after reaching $4.52 on Monday, the lowest since December 2020.

Wheat was up 0.4% at $5.98-3/4 a bushel. It fell 3.2% on Monday but remains above September's three-year low of $5.40.

Oil prices fell 3.4% on Monday, dragging down corn and soybeans that are used to make ethanol and biofuels and weighing on wider grain markets. Crude rose by around 0.5% on Tuesday.

In Brazil, a key soybean and corn grower, recent and forecast rains have reduced concerns about yield losses as farmers begin to reap 2023/24 crops.

"Brazil's likely weather this week will give the market more comfort with lower corn and soybean prices," said independent analyst Tobin Gorey.