Soybeans rose half a percent, recovering from its lowest in 14 months with support from forecasts of dry weather in South America, although analysts say it is too early to factor in production cuts. "Grains and oilseeds are not in a Christmas mood, it's all because of the macro economic situation," said Ker Chung Yang at Phillip Futures in Singapore. "Buyers are seeing some bargain hunting in soybeans near the psychological support level of $11 a bushel." Chicago Board of Trade January soybeans rose 0.5 percent to $11.05-1/4 a bushel by 0321 GMT, after falling to a low of $10.94-1/4 on Wednesday, the lowest since October, 2010 on a continuation chart. Wheat for March delivery rose three quarter of a cent to $5.81-1/2 a bushel, not farm from previous session's contract low of $5.79 a bushel and March corn gained half a cent to $5.81-1/4 a bushel following a drop to lowest since mid-March. Asian shares fell into bear market territory for the year and commodities and the euro nursed stinging losses, after fears that Europe's debt crisis is still worsening prompted investors to dump riskier assets and huddle in the safety of the dollar and Treasuries. The gloomy mood was not improved by a private sector survey indicating China's factory output shrinking again in December, adding to the headwinds facing a global economy struggling with sluggish US growth and the euro zone sliding back into recession. The fundamentals are not helping corn and wheat markets either with US government last week forecasting record global supplies which are hurting US exports. The USDA pegged 2011/12 US wheat ending stocks at 878 million bushels, above trade estimates for 830 million bushels and up from the November forecast of 828 million bushels. It raised its forecast 2011/12 corn stocks to 848 million bushels, above trade estimates for 831 million bushels and above the November forecast for 843 million bushels. For soybeans, rains forecast for Brazil's main soy belt should alleviate concerns that a few weeks of dry weather might turn into a widespread drought and hurt the world's second largest soy crop. But fields in the No. 3 growing state Rio Grande do Sul, which is about to finish planting in the coming days, will likely continue dry for a couple weeks, local forecasters said. And the southernmost state has a history of prolonged droughts. The National Oilseed Processors Association (NOPA) in the United States pegged the US soy crush for November at 141.277 million bushels, below an average of analysts' estimates for 142.4 million. NOPA reported November US soyoil stocks at 1.876 billion lbs, nearly unchanged from October and below the average trade estimate of 1.896 billion. Commodity funds sold a net 11,000 Chicago Board of Trade corn futures contracts on Wednesday, trade sources said. They sold 8,000 soybean contracts and sold 3,000 wheat.