SINGAPORE  - Chicago soybean futures rose on Wednesday, set to gain for four out of five sessions with prices underpinned as dry weather curbs yields in top exporter Brazil.

Wheat was climbing for a second consecutive session on expectations of strong demand for U.S. supplies as inventories dwindle in the Black Sea region.

The most-active soybean contract on the Chicago Board of Trade had risen 0.3 percent to $9.12 a bushel by 0325 GMT, having closed down 0.8 percent on Tuesday.

Wheat was up 0.3 percent at $5.22-3/4 a bushel, after ending Tuesday up 0.7 percent. Corn added 0.3 percent to $3.79-3/4 a bushel, having finished the previous session down 0.7 percent.

Several agricultural consultancies have cut their estimates for the Brazilian soybean crop in recent weeks.

Last week, Céleres said Brazilian farmers are now expected to collect 117.2 million tonnes of the oilseed this season, a cut of nearly 5 million tonnes from the consultancy's previous forecast.

"Weather forecasters expect the unusual dry streak in Mato Grosso do Sulk to last into early February," said Tobin Gorey, director of agricultural strategy, Commonwealth Bank of Australia.

"The forecasters then expect the prevailing pattern to break down and allow more rain in around this region. The market will meanwhile watch and wait."

Soybean and corn futures fell on Tuesday on reports that the Trump administration turned down Chinese offers this week for preparatory trade talks, brokers said.

But White House economic adviser Larry Kudlow pushed back against the reports that the preliminary trade meeting was cancelled, telling CNBC the story was not true.

U.S. exporters last week loaded six soybean vessels bound for China, the most in any week since the start of the tariff war between Washington and Beijing and an encouraging sign for U.S. farmers hard hit by the trade fight.

The U.S. Department of Agriculture said on Tuesday that it would reopen all Farm Service Agency offices on Thursday to offer services to farmers and ranchers during the partial government shutdown.

Meanwhile, lower wheat stocks in Russia and Ukraine after a hectic pace of exports since the middle of last year are likely to stoke higher demand for U.S. supplies.

Ukraine's agriculture ministry urged exporters to comply with export limitation memorandum terms as most of the agreed volume of wheat for the 2018/19 season had already been shipped.

Commodity funds were net sellers of CBOT corn, soybean and soymeal futures contracts on Tuesday, net buyers of wheat and net even in soyoil, traders said. (Reporting by Naveen Thukral; Editing by Joseph Radford)

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