CHICAGO, Nov 30 (Reuters) - Chicago wheat and corn futures rose more than 1% on Thursday as traders covered more short positions after a drop to multi-year lows and weekly export sales surpassed expectations. forecasts and included considerable purchases by the main importer, China.
* For its part, soybeans were mixed after the US Department of Agriculture (USDA) reported new private sales to China.
* The most active wheat contract on the Chicago Stock Exchange (CBOT) rose 1.6% to $5.9525 a bushel at 1737 GMT, hitting a three-week high in trading.
* Joe Vaclavik, president of Standard Grain, said Chinese interest in U.S. wheat could be supporting the market.
* China bought 197,310 net tons of U.S. wheat in the week ended Nov. 23, its largest purchases in six weeks, the USDA said on Thursday.
* “The second reason would be that there was a story that circulated two days ago about a possible ban on Russian exports,” he said. “That may be enough in itself to induce some short covering.”
* Corn rose 1.6% to $4.8350 a bushel as the USDA reported export sales last week well above the range of trade expectations.
* The USDA also reported US soybean export sales last week well above expectations.
* Soybeans also found some support in the USDA's confirmation of private sales of 134,000 metric tons for delivery to China in the 2023/24 campaign that began on September 1.
* The most active soybean contract on the CBOT gained 0.1% to $13.4775 a bushel.
* In Brazil, hot and dry conditions this week are expected to increase stress on soybean crops in the northern half of the country, although weather forecasts point to relief from the heat and widespread rain in the next two weeks.
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