SINGAPORE, March 11 (Reuters) - Chicago soybeans rose on
Monday, with the market climbing to its highest levels in almost
three weeks on short-covering, although expectations of ample
South American supplies are likely to keep a lid on prices.
    Corn fell for the first time in four sessions, while wheat
retreated from strong gains seen in the previous session.
    
    FUNDAMENTALS
    * The most-active soybean contract on the Chicago Board of
Trade (CBOT)       was up 0.3% at $11.87-3/4 a bushel, as of
0020 GMT. Earlier in the session, the contract climbed to its
highest since Feb. 20 at $11.89 a bushel. 
    * Corn       lost 0.3% to $4.38-1/2 a bushel and wheat      
dipped 0.1% to $5.37 a bushel.
    * The U.S. Department of Agriculture slightly lowered its
forecast for Brazil's soybean crop further on Friday, but its
outlook was above many private estimates.
    * The USDA pegged Brazil's harvest at 155 million metric
tons, compared with its February estimate of 156 million and
analysts' expectations for 152.28 million. 
    * The agency said harvest results in the state of Parana and
poor weather conditions in São Paulo were offset by favourable
conditions in other areas.
    * For wheat, the USDA in its monthly report lowered its
forecast of 2023/24 U.S. wheat exports to 710 million bushels,
from 725 million bushels previously.
    * Hefty global grain supplies and strong competition for
export business dragged down corn and soybean prices to
multi-year low late last month. But expectations of abundant
supplies may have been factored into prices.
    * Large speculators increased their net short position in
CBOT corn futures in the week ended March 5, regulatory data
released on Friday showed. 
    * The Commodity Futures Trading Commission's weekly
commitments of traders report also showed that non-commercial
traders, a category that includes hedge funds, increased their
net short position in CBOT wheat and increased their net short
position in soybeans.
    * Money managers lifted their net short position in CBOT
soybean futures and options to a record 171,999 contracts from
160,653 a week earlier. That replaced the prior all-time net
short of 168,835 contracts from May 2019.
    * In news, the United Nations food agency's world price
index fell in February for a seventh consecutive month as lower
prices for all major cereals more than offset the rising price
of sugar and meat.
    * Argentina's scheduled corn exports hit their highest
levels in at least five years in the early part of 2024, the
Rosario grains exchange said on Friday, hitting 1.9 million
metric tons and boosted by leftover stocks from the previous
season.
    
    MARKET NEWS
    * Investors stretched record-breaking stock rallies on
Friday, before Wall Street took profits, while U.S. Treasury
yields dipped after not-too-hot, not-too-cold U.S. jobs data
reinforced the conviction that the Federal Reserve will begin
easing by mid-year.            
    
    DATA/EVENTS AHEAD (GMT)
    No major data or events on Monday, March 11

 (Reporting by Naveen Thukral; Editing by Sherry Jacob-Phillips)