* Soybeans and corn bounce from recent lows

* Gains limited by sizable South American crops

(Rewrites throughout with US market open, adds quote, updates prices, changes byline, changes dateline from PARIS/SINGAPORE)

CHICAGO, Jan 23 (Reuters) - U.S. soybean futures rose for a second straight session on Tuesday on technical buying and short covering after notching multi-year lows last week, although lacklustre demand and improved crop weather in top exporter Brazil limited gains.

Chicago wheat and corn futures were narrowly mixed as dull demand and plentiful supplies anchored prices and offset technical buying and short covering support.

"We got a little bit of a technical bounce off the $12 (per bushel) mark in soybeans and that's alleviating the oversold condition in the market," said Ted Seifried, chief market strategist for the Zaner Group.

"But you're not seeing any sign in the market that there's a catastrophe in Brazil. You haven't seen USDA or Conab dramatically slash that Brazilian crop ... and China is not buying U.S. soybeans aggressively," he said.

Though analysts have cut forecasts for Brazil's soybean and corn crops due to earlier drought, improved rainfall could limit losses there, while Argentina is on course for a bumper harvest.

Chicago Board of Trade (CBOT) March soybeans rose 7-1/2 cents to $12.31-3/4 a bushel by 12:17 p.m. CST (1817 GMT) in a further rebound from last week's drop to $12.01, which was the lowest for a most-active contract since November 2021.

CBOT March corn was down 1/2 cent at $4.45-1/4 a bushel after hitting overhead resistance at its 10-day moving average.

CBOT March wheat hit technical resistance at a cluster of moving averages just above the $6 level. Near midday, the contract was down 3/4 cent at $5.95-3/4 a bushel.

In corn, attention was turning to planting for Brazil's second annual crop. Forecasters expect lower production from Brazil's second corn crop, reflecting a smaller planted area.

Doubts over Chinese demand were also hanging over the market, with Brazilian supplies posing stiff competition to U.S. soy and corn.

(Additional reporting by Gus Trompiz in Paris and Naveen Thukral in Singapore; Editing by Sherry Jacob-Phillips, Varun H K and Emelia Sithole-Matarise)