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GRAINS-Soybeans rebound from 6-week low, upbeat global supply outlook caps gains

SYDNEY, Aug 10 (Reuters) - U.S. soybean futures edged higher on Monday, rebounding from a six-week low touched in the previous session, though gains were checked by expectations of ample global supplies.

FUNDAMENTALS

* The most active soybean futures were up 0.2% at $8.69-1/2 a bushel, having closed down 1.2% on Friday when prices hit a June 30 low of $8.66-3/4 a bushel.

* The most active wheat futures on the Chicago Board Of Trade were up 0.2% at $4.96-1/4 a bushel, after closing down 1.1% on Friday when prices hit a July 7 low of $4.96 a bushel.

* The most active corn futures were up 0.36% to $7.53-3/4, after ending 0.9% lower in the previous session.

* The U.S. Department of Agriculture last week reported private sales of U.S. soybeans to China of 456,000 tonnes, the biggest single-day soy sale to the world's top buyer since June 11.

* An estimate calling for a record Canadian wheat crop, rising forecasts for Russia's harvest, improving conditions in Australia and good early signs for the U.S. spring wheat harvest were underscoring ample global supplies.

MARKET NEWS

* The U.S. dollar was trying to keep a rare rally together on Monday as its longest losing streak in a decade left much of the market structurally short of the currency and vulnerable to a squeeze on any upbeat news.

* Oil prices climbed in early trade on Monday, clawing back over half of Friday's losses, on hopes for a stimulus deal to shore up the U.S. economic recovery and a pledge from Iraq to deepen its crude oil supply cuts. (Reporting by Colin Packham; Editing by Rashmi Aich)

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