* Soybeans sink on U.S. harvest data; corn weaker

* Wheat futures continue climb on bargain-buying

Oct 3 (Reuters) -

Chicago soybean futures fell on Tuesday to nearly their lowest levels since December of 2021, on improving signs for the U.S. harvest and as a brisk start to planting in Brazil created supply pressure.

Corn prices dropped on robust harvest data, while wheat edged up as it continued to recover from Friday's plunge to a three-year low after bargain buying from China.

Chicago Board of Trade (CBOT) soybeans were down almost 1.5% at $12.58-1/4 a bushel by 10:20 a.m. CDT (1520 GMT). The contract earlier reached its weakest since June 28 at $12.56-3/4.

The drop in soybeans followed the release of U.S. government data on Monday


52% of the crop "good" or "excellent," beating analysts' expectations for 50%. The U.S. Department of Agriculture's (USDA) figures showed corn crop ratings were unchanged at 53% rated "good" or "excellent."

CBOT corn slid just over 0.8% to $4.84-3/4 a bushel.

Brokerage StoneX raised its estimates of U.S. 2023 corn and soybean production.

"As more producers get out there, they're seeing a little better than expected on the corn yield," said Darin Fessler, a senior vice president and market strategist with Lakefront Futures in Lincoln, Nebraska.

In Brazil, which competes with the United States in export markets, 2023/24 soybean planting reached 5.2% of the expected area last week, the quickest pace ever for the period, an agribusiness consultancy said.

CBOT wheat futures added 0.5% to $5.69-1/2 a bushel, extending gains from Monday on bargain-buying after prices fell more than 6% to a three-year low on Friday.

"The Chicago (wheat) market is dirt-cheap right now," said Fessler, responding to a USDA report on Tuesday on the sale of 220,000 metric tons of U.S. soft red winter

wheat to China


It was the first time China had purchased that particularly class of wheat from the U.S. since July 2021. (Reporting by Zachary Goelman in New York City; additional reporting by Gus Trompiz in Paris and Peter Hobson in Canberra; Editing by Paul Simao)