PARIS/BEIJING - Chicago wheat and corn futures rose ‌on Wednesday, adding to a rebound from multi-month lows as attention turned to U.S. government crop forecasts. Soybeans edged up to come ​off a four-month low, but gains for the oilseed were curbed by subdued crude oil prices and a lack of Chinese demand for ​U.S. ​beans.

Wheat led gains on the Chicago Board of Trade, with the most-active wheat contract rising 1.6% to $5.94-1/2 a bushel by 1054 GMT to move further away from Monday's two-month low of $5.74-3/4.

"The price drop last week ⁠was excessive, and the market is adjusting," Argus Media analyst Maxence Devillers said of wheat. "Oil hasn't been the driver for several weeks now, with cereals more tied to fundamentals like when wheat rose on U.S. drought and then fell on good crop conditions in the Black Sea region," he said.

Improving U.S. crop weather and the start of ​Northern Hemisphere wheat harvesting have ‌weighed on grain ⁠markets in the past two ⁠weeks, encouraging investment funds to reduce big long positions built up during the early stages of the Iran war. Traders are ​now watching for a monthly supply and demand report from the U.S. Department of ‌Agriculture on Thursday for further fundamental direction.

CBOT corn was up 0.8% at $4.23 ⁠a bushel as it recovered from Monday's near eight-month low of $4.12-1/2. An easing dollar and steady export demand, including sales of 120,000 metric tons of old-crop U.S. corn reported by the USDA on Tuesday, have helped underpin corn in the face of favourable rainfall and temperatures in the U.S. Midwest. CBOT soybeans rose 0.4% to $11.18-1/2 a bushel to inch away from Tuesday's four-month low of $11.10-1/4.

Oilseed markets have continued to track movements in crude oil given expanding use of biodiesel fuel. But subdued oil prices on Wednesday, as initial reaction to tit-for-tat attacks by Tehran and Washington faded, removed impetus for oilseeds. A lull in Chinese demand also hung over the U.S. soybean market, dampening hopes ‌that announcements after a mid-May summit would lead to fresh buying. "Optimism over U.S.-Mainland ⁠China trade prospects faded following the initial uplift from the two countries' talks ​last month.

There is no evidence China would purchase anything beyond a continuation of the current arrangement of 25.0 million tons of soybeans this year, a volume below historical norms," said a Shanghai-based analyst. Prices at 1054 GMT Last Change Pct Move CBOT wheat 594.50 9.25 1.58 CBOT corn 423.00 3.50 0.83 CBOT soy 1118.50 4.75 0.43 Paris wheat 203.50 1.75 0.87 Paris ​maize 219.75 3.25 1.50 Paris rapeseed 522.25 1.50 0.29 WTI crude ‌oil 87.89 -0.31 -0.35 Euro/dollar 1.16 0.00 0.08 Most active contracts - Wheat, corn and soy U.S. cents/bushel, Paris futures in euros per metric ⁠ton.