(New throughout, updates prices, market activity and comments; new byline, changes dateline, previous PARIS/SINGAPORE)
CHICAGO, March 14 (Reuters) - U.S. wheat and corn futures rose on Tuesday, rebounding from multi-month lows set last week, as Wall Street equity markets stabilized and signs of fresh grain export demand emerged, analysts said.
Uncertainty about talks to extend a wartime grain export corridor from Ukraine lent support.
Soybean futures posted smaller advances as pressure from the
ongoing harvest
of a large Brazilian crop hung over the market.
As of 12:40 p.m. CDT
(1740 GMT)
, Chicago Board of Trade May wheat futures were up 13-1/2 cents at $6.98 per bushel, extending a rally from Friday's low of $6.61, the lowest price on a continuous chart of the most-active contract since July 2021.
CBOT May corn was up 7-1/2 cents at $6.21 a bushel, rallying from a seven-month low set on Friday, and May soybeans were up 4 cents at $14.95-1/4 a bushel.
Wheat posted the biggest gains on a percentage basis as traders monitored
talks
to extend the safe corridor from Ukraine's Black Sea ports ahead of a deadline later this week.
Negotiations
continue, the United Nations and Turkey said on Tuesday, after Kyiv rejected a Russian push for a reduced 60-day renewal.
"The focus on the Ukrainian grain initiative reminded traders that today's low prices may justify restoring some risk premium, leading to some short-covering," StoneX chief commodities economist Arlan Suderman wrote in a client note.
Russia and Ukraine are among the world's largest grain exporters and the creation of the corridor has helped cool global food commodity prices that hit record highs after Russian invaded Ukraine a year ago.
Last week's dip in grain prices to multi-month lows appeared to have spurred export business.
Algeria
,
Tunisia
and
Jordan
bought wheat this week, European traders said, and the U.S. Department of Agriculture on Tuesday confirmed
private sales
of 612,000 tonnes of U.S. corn to China.
Equity markets
turned up, stemming a five-session rout after key U.S. data bolstered bets of a smaller interest rate hike by the Federal Reserve at its next meeting. (Reporting by Julie Ingwersen; additional Reporting by Gus Trompiz in Paris and Naveen Thukral in Singapore; Editing by Rashmi Aich, Sherry Jacob-Phillips, Sharon Singleton and David Gregorio)
