By Naveen Thukral and Gus Trompiz
SINGAPORE/PARIS, Jan 25 (Reuters) - Chicago corn, soybean and wheat futures were little changed on Thursday, consolidating near two-week highs as participants assessed South American crop weather and awaited U.S. export data and macroeconomic news for further direction.
Corn and soybeans have recovered from multi-year lows this month while wheat has pulled away from a seven-week low on renewed concerns over dry weather in South America and as investment funds cover some of their large short positions.
The most active corn contract on the Chicago Board of Trade (CBOT) Cv1 was down a marginal 0.06% at $4.52 a bushel by 1242 GMT after equalling Wednesday's close to two-week peak .
Soybeans Sv1 edged up by 0.04% to $12.40-3/4 a bushel, after hitting a two-week high.
Wheat Wv1 gained 0.1% to $6.11-1/2 a bushel after touching a 2-1/2 week high.
Investors are bracing for a European Central Bank interest rate announcement and U.S. growth figures. MKTS/GLOB
The grain market, meanwhile, will be receive a demand update from weekly U.S. export sales data. USD/EST
Commodity funds hold sizeable in CBOT corn, wheat and soybean futures, leaving all three markets primed for short-covering rallies.
Expectations of lower planting for Brazil's second corn crop after drought and a hot, dry spell in Argentina have also lent support to futures.
"The Brazilian corn crop is the main worry for the market," said one trader in Singapore. "Overall, prices are pretty low to encourage some short-covering with weather a threat to the crop."
However, forecasters still expect large corn and soybean crops in South America while top wheat exporter Russia is seen as being on course for another bumper harvest in 2024.
Prices at 1242 GMT
CBOT wheat Wv1
CBOT corn Cv1
CBOT soy Sv1
Paris wheat BL2c1
Paris maize EMAc1
Paris rapeseed COMc1
WTI crude oil CLc1
Most active contracts - Wheat. corn and soy US
cents/bushel. Paris futures in euros per tonne
(Reporting by Naveen Thukral Editing by Sherry Jacob-Phillips and David Goodman)
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