* U.S. wheat extends gains on hopes of a pick-up in demand
* Corn, soy rise ahead of USDA stocks report next week (Adds details, quotes)
By Naveen Thukral
SINGAPORE, Sept 25 (Reuters) - Chicago wheat rose for the second consecutive session on Thursday as signs of increased demand for U.S. supplies lent support to the market after prices dropped to a four-year low earlier in the week.
Corn and soybeans edged higher on short-covering ahead of next week’s U.S. Department of Agriculture (USDA) quarterly stocks report.
Chicago Board Of Trade December wheat rose 0.6 percent to $4.83 a bushel by 0240 GMT, adding to a 0.9 percent gain on Wednesday, and December corn rose 0.2 percent to $3.30-1/4 a bushel, having gained 1.2 percent in the previous session.
November soybeans rose 0.4 percent to $9.40-1/2 a bushel, having closed flat on Wednesday.
Exporters sold a cargo of U.S. wheat to Egypt, the world’s top importer, for the first time since March.
Egypt’s state grain buyer, the General Authority for Supply Commodities, said it had bought 55,000 tonnes of soft red winter wheat in a tender for shipment Oct. 21-31.
“The U.S. winning business in Egypt, which is one of the lowest-priced markets in the world, means a possibility of more exports in other markets as well,” said one Melbourne-based analyst.
“Speculators are at record short positions and any talk on exports is going to get people excited.”
Some investors were beginning to square positions ahead of USDA’s quarterly stocks and small grains summary reports on Sept. 30.
Weekly USDA export sales data, scheduled for release early on Thursday, is expected to show at least 1.5 million tonnes in soybean sales after a Chinese trade delegation visit to the United States last week.
Only light showers were forecast this week in the U.S. Midwest, which should allow farmers to make rapid progress in the harvest, the Commodity Weather Group said.
Expectations of plentiful global supplies and record production in the United States will cap any gains in grain and oilseed prices.
Russia is on track to harvest its largest crop in six years, more than 100 million tonnes of grain, including at least 56 million tonnes of wheat, Agriculture Minister Nikolai Fyodorov said on Wednesday.
The country will have a 2014/15 exportable surplus of 27 million to 30 million tonnes of grain, with wheat accounting for 70 percent, if the crop exceeds 100 million tonnes, Fyodorov said in an interview at the Reuters Russia Investment Summit. Grains prices at 0240 GMT Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 483.00 2.75 +0.57% +1.47% 527.32 32 CBOT corn 330.25 0.75 +0.23% +1.54% 363.01 36 CBOT soy 940.50 3.75 +0.40% +0.45% 1004.74 22 CBOT rice $12.76 $0.03 +0.20% +0.75% $12.68 60 WTI crude $92.78 -$0.02 -0.02% +1.33% $93.79 48 Currencies Euro/dlr $1.278 $0.000 -0.02% -0.53% USD/AUD 0.884 -0.004 -0.48% -0.01% Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential (Reporting by Naveen Thukral; Editing by Alan Raybould)