SINGAPORE, Dec 14 (Reuters) - Chicago soybean futures rose for the first time in three sessions on Thursday with bargain-buying underpinning prices, although expectations of rains in Brazil's parched oilseed producing regions limited the gains.
Wheat jumped 1%, while corn futures bounced back.
FUNDAMENTALS
* The most-active soybean contract on the Chicago Board of Trade (CBOT) added 0.5% to $13.13-142 a bushel, as of 0115 GMT. Wheat rose 1% to $6.11-1/2 a bushel and corn gained 0.4% at $4.81-1/2 a bushel.
* The soybean market is closely watching the weather in Brazil, where forecasts showed much-needed rains in the week ahead in central and northern parts of the country, after hot, dry conditions caused concern, analysts said.
* Traders monitored headlines from Argentina, where the peso dropped more than 50% as markets watched the first details of new President Javier Milei's plans to steer the beleaguered economy back on track.
* Argentina's new government will seek to raise export taxes to 15% on some grains, though that would not impact tariffs on soybeans.
* The U.S. soybean crush likely set a November record but slowed from an all-time high in October, while soyoil stocks were estimated to have risen for the first time in seven months, analysts said ahead of a monthly National Oilseed Processors Association (NOPA) report due on Friday.
* Farm office FranceAgriMer on Wednesday increased its forecast of French soft wheat exports outside the European Union in 2023/24 due to higher projected sales to China but expressed concerns for the 2024 harvest after heavy rainfall limited sowings.
* Commodity funds were net sellers of CBOT corn, wheat, soybean, soymeal and soyoil futures contracts on Wednesday, traders said.
MARKET NEWS
* U.S. stocks surged to a sharply higher close on Wednesday and benchmark Treasury yields slipped to their lowest level since August after the Federal Reserve flagged the end of its tightening cycle and struck a dovish tone for the year ahead.
DATA/EVENTS (GMT) 1200 UK BOE Bank Rate Dec 1315 EU ECB Refinancing, Deposit Rates Dec 1330 US Import Prices YY Nov 1330 US Initial Jobless Clm Weekly 1330 US Retail Sales MM Nov (Reporting by Naveen Thukral; Editing by Subhranshu Sahu)
