HAMBURG: Chicago soybeans rose on Monday after the previous session's sharp price fall attracted bargain hunters as market focus returned to tight US soy supplies.

Wheat rose on good US export prospects as rival exporter Russia leaves the global market, but corn fell.

Chicago Board of Trade most-active soybeans rose 0.1% to $13.13-1/2 a bushel by 1147 GMT after falling about 4% on Friday on profit taking and welcome rain in South American crop regions.

Corn fell 0.4% to $4.98-1/2 a bushel, wheat rose 0.3% to $6.37-1/4 a bushel.

"Soybeans are being supported by bargain-buying interest after the dramatic price-falls on Friday," said Matt Ammermann, StoneX commodity risk manager, adding that the drop appeared to have been generated by technical selling rather than a single piece of fundamental news.

"There is more focus on tight soybean fundamentals today, such as tight US supplies. The US currently does not need new soybean export sales...but lower prices may well generate new export business."

He also said concern about unfavourable weather for South American crops had not gone away, although there had been more rain in some areas.

Brazilian farmers may reap a record harvest of 132.2 million tonnes of soybeans in 2021 despite a drought that delayed plantings, a poll of analysts said.

Russian wheat exports are expected to be curbed by a wheat export tax as the Russian government seeks to curb domestic food inflation.

"Wheat is being supported by good US export prospects, with Russia pulling out of the export market and the European Union having limited export supplies," Ammermann said.

"Corn is drifting down today but with background fundamentals still looking positive with the US corn export programme expected to accelerate in coming months."