* Expectations of lower wheat output in top exporters
* Soybeans tick higher, gains capped by improved crop
SINGAPORE, Aug 4 (Reuters) - Chicago wheat futures bounced
back on Wednesday as concerns over supplies from top exporters
Russia and the United States supported prices.
Soybeans gained ground, although better-than-expected crop
conditions and forecasts for rain across the U.S. Midwest kept a
lid on prices.
"Some consumers are balking at higher prices for now. And
that has few traders worried perhaps the gains have been too
much, too soon," said Tobin Gorey, director of agricultural
strategy at Commonwealth Bank of Australia, referring to global
"We are a little sceptical of that, the market is cutting
wheat crop estimates. Chances are those consumers will return
later and have to bite the bullet on higher prices."
The most-active wheat contract on the Chicago Board Of Trade
(CBOT) gained 0.6% at $7.28-1/2 a bushel by 0350 GMT,
after posting a 0.7% fall in the previous session.
Soybeans added 0.4% to $13.25 a bushel while corn
eased 0.1% to $5.51-1/2 a bushel.
Wheat is being underpinned by reduced crop prospects in
North America and Russia, and steady demand from leading
importers, though mounting cases of the Delta coronavirus
variant in China and the United States raised doubts over global
The U.S. Department of Agriculture's (USDA) weekly crop
progress report, released after Monday's market close, showed
better-than-anticipated ratings for soybeans.
The USDA rated the overall corn crop 2 points lower than the
week prior and below analyst expectations.
Brazilian corn exports are expected to plunge in August to
around 3 million tonnes, according to ship line-up data from
maritime agency Cargonave and projections by grain exporters
association Anec on Tuesday.
Brazil's second corn crop, badly affected by drought and an
ill-timed frost in June, will fall below prior forecasts and
Commodity funds were net sellers of CBOT soybeans, corn,
soyoil, soymeal and wheat futures contracts on Tuesday, traders
(Reporting by Naveen Thukral; Editing by Ramakrishnan M.)