SINGAPORE, March 11 (Reuters) - Chicago soybeans rose on

Monday, with the market climbing to its highest levels in almost

three weeks on short-covering, although expectations of ample

South American supplies are likely to keep a lid on prices.

Corn fell for the first time in four sessions, while wheat

retreated from strong gains seen in the previous session.

FUNDAMENTALS

* The most-active soybean contract on the Chicago Board of

Trade (CBOT) was up 0.3% at $11.87-3/4 a bushel, as of

0020 GMT. Earlier in the session, the contract climbed to its

highest since Feb. 20 at $11.89 a bushel.

* Corn lost 0.3% to $4.38-1/2 a bushel and wheat

dipped 0.1% to $5.37 a bushel.

* The U.S. Department of Agriculture slightly lowered its

forecast for Brazil's soybean crop further on Friday, but its

outlook was above many private estimates.

* The USDA pegged Brazil's harvest at 155 million metric

tons, compared with its February estimate of 156 million and

analysts' expectations for 152.28 million.

* The agency said harvest results in the state of Parana and

poor weather conditions in São Paulo were offset by favourable

conditions in other areas.

* For wheat, the USDA in its monthly report lowered its

forecast of 2023/24 U.S. wheat exports to 710 million bushels,

from 725 million bushels previously.

* Hefty global grain supplies and strong competition for

export business dragged down corn and soybean prices to

multi-year low late last month. But expectations of abundant

supplies may have been factored into prices.

* Large speculators increased their net short position in

CBOT corn futures in the week ended March 5, regulatory data

released on Friday showed.

* The Commodity Futures Trading Commission's weekly

commitments of traders report also showed that non-commercial

traders, a category that includes hedge funds, increased their

net short position in CBOT wheat and increased their net short

position in soybeans.

* Money managers lifted their net short position in CBOT

soybean futures and options to a record 171,999 contracts from

160,653 a week earlier. That replaced the prior all-time net

short of 168,835 contracts from May 2019.

* In news, the United Nations food agency's world price

index fell in February for a seventh consecutive month as lower

prices for all major cereals more than offset the rising price

of sugar and meat.

* Argentina's scheduled corn exports hit their highest

levels in at least five years in the early part of 2024, the

Rosario grains exchange said on Friday, hitting 1.9 million

metric tons and boosted by leftover stocks from the previous

season.

MARKET NEWS

* Investors stretched record-breaking stock rallies on

Friday, before Wall Street took profits, while U.S. Treasury

yields dipped after not-too-hot, not-too-cold U.S. jobs data

reinforced the conviction that the Federal Reserve will begin

easing by mid-year.

DATA/EVENTS AHEAD (GMT)

No major data or events on Monday, March 11