CHICAGO, Jan 9 (Reuters) - Chicago Board of Trade soybean and corn futures rebounded on Tuesday on short covering and technical buying after sliding to multiyear lows earlier in the session.
Wheat futures also jumped after a sharp drop on Monday.
Traders adjusted positions before the U.S. Department of Agriculture issues quarterly U.S. grain stocks data and a monthly report on global supply and demand on Friday, analysts said.
"The soybean market has become oversold," said Tomm Pfitzenmaier, analyst for Summit Commodity Brokerage in Iowa.
The most-active CBOT soybean contract ended up 3 cents at $12.48-1/2 a bushel after slumping earlier to $12.34, its lowest level since December 2021.
CBOT corn rose by 4-1/4 cents to close at $4.59-1/4 per bushel after touching $4.51-3/4 in earlier trading, the lowest since December 2020.
A day earlier, improved rains in Brazil, the world's biggest soy exporter, and spillover pressure from falling crude oil prices sent agricultural markets to multi-year lows.
Oil prices climbed on Tuesday, though, while grain markets shifted their attention to crop forecasts that will give an indication on harvest prospects in Brazil.
Brazilian statistics agency Conab is due to update its official forecasts this week while the USDA will release its data on Friday.
"With ample corn supplies in the U.S., there is little reason to buy corn except for the occasional profit taking or traders evening up ahead of the USDA reports," Pfitzenmaier said.
Weather charts pointed to rain in a swathe of Brazil this week before drier conditions next week.
"Brazil's likely weather this week will give the market more comfort with lower corn and soybean prices," said independent analyst Tobin Gorey.
In demand news, Egypt said it bought 420,000 metric tons of Russian and Ukrainian wheat in an international tender.
CBOT wheat settled up 13-3/4 cents at $6.10 per bushel. (Reporting by Tom Polansek in Chicago. Additional reporting by Gus Trompiz in Paris and Peter Hobson in Canberra; Editing by Subhranshu Sahu, Sohini Goswami, Emelia Sithole-Matarise and Jonathan Oatis)
