Wheat rebounds on supply issues

SINGAPORE, June 11 (Reuters): Chicago wheat futures gained almost 1.0 per cent on Monday, rising for a fourth session in five.

Expectations of lower production in the Black Sea region supported the market.

Soybeans edged higher but the market traded near last session's lowest since mid-January as near-perfect weather across the US Midwest raised hopes of a bumper harvest.

"News flow is supportive for wheat prices, we have a severe drought cutting Russian output," said one India-based agricultural commodities analyst.

"But the upside might be limited as stocks are still pretty big in the United States and fresh supplies from the northern hemisphere harvest have started coming to the market."

The Chicago Board of Trade most-active wheat contract had gained 0.9 per cent to $5.24-1/2 a bushel by 0311 GMT.

Soybeans rose 0.1 per cent to $9.70-1/4 a bushel, not far from last session's lowest since Jan. 17 at $9.62-1/2 a bushel, and corn climbed 0.2 per cent to $3.78-1/2 a bushel.

Dry weather in top wheat exporters Russia and Ukraine is underpinning the wheat market.

Russia's wheat production is expected to decline to around 72 million tonnes in the year to June 2019, compared with a record output of 84.99 million tonnes this year, according to the US Department of Agriculture.