Chicago grains rise for third day on USDA data, demand hopes

Chicago corn, wheat and soybean futures rose for a third session on Thursday, underpinned by U.S. planting and stocks estimates as well as hopes of renewed Chinese demand.

Gains were capped by falling oil prices ICEEUR:BRN1!, ample global grain supply and broadly favourable U.S. Midwest conditions, despite a hot spell this week.

Market participants were also adjusting positions before a three-day holiday weekend in the United States.

The most-active wheat contract CBOT:ZW1! on the Chicago Board of Trade was up 0.5% at $6.03 a bushel by 1121 GMT.

CBOT corn CBOT:ZC1! was up 0.5% at $4.44-1/2 a bushel and CBOT soybeans CBOT:ZS1! added 0.5% to $11.54-1/2 a bushel.

Wheat and soybeans had set two-week lows on Tuesday while corn set contract lows on Monday.

The rebound was fuelled by the U.S. Department of Agriculture's planting and stocks reports on Tuesday.

The USDA estimated 2026 U.S. wheat plantings well below market expectations and also pegged quarterly corn stocks lower than analysts' views.

"It feels like the funds had been selling too aggressively (corn first of all) before the reports and then started to cover," Andrey Sizov, head of consultancy Sovecon, said.

Separately, Statistics Canada on Tuesday pegged Canadian wheat area below trade expectations, adding further support to wheat prices.

However, the prospect of bumper wheat crops in the Black Sea export region and the arrival of large corn and soybean harvests in South America tempered supply concerns, including regarding a late-June heatwave in Europe.

Market talk this week about Chinese interest in U.S. soybeans supported the oilseed market, which has been waiting for signs of large-scale purchases since a mid-May summit between Presidents Donald Trump and Xi Jinping.

Traders will get an update on overseas demand from weekly U.S. export sales figures later on Thursday.