GRAINS-Soybeans rise 1% on expectations of demand for U.S. supplies

CANBERRA, March 1 (Reuters) - U.S. soybeans rose 1% on Monday, rebounding from a one-week low touched in the previous session, as expectations of strong Chinese demand lifted prices.

FUNDAMENTALS

* The most-active soybean futures on the Chicago Board Of Trade were up 1% to $14.19 a bushel by 0211 GMT, having closed down 0.2% on Friday when prices hit a Feb. 22 low of $13.78-1/4 a bushel.

* Corn futures were up 0.9% to $5.52-1/4 a bushel. It had closed down 0.4% in the previous session.

* Wheat futures were up 0.7% at $6.65 a bushel, having closed down 2.2% on Friday.

* Chinese soybean crushers are expected to curtail operations sharply in the coming months due to harvest delays in top exporter Brazil, pushing up prices and likely leading to a rundown in inventories.

* China's soymeal futures slid nearly 5% in their sharpest decline in eight years on Friday, as investors took profits and new African swine fever outbreaks stirred concerns over demand.

MARKET NEWS

* The Australian dollar and other riskier currencies recovered some lost ground against the U.S. dollar on Monday, after suffering their biggest plunges in a year at the end of last week amid a hefty sell-off in global bond markets.

* Oil prices rose more than $1 on optimism in the global economy thanks to progress in a huge U.S. stimulus package and on hopes for improving oil demand as vaccines are rolled out.

* Asian shares rallied as some semblance of calm returned to bond markets after last week's wild ride, while progress in the huge U.S. stimulus package underpinned optimism about the global economy and sent oil prices higher.

(Reporting by Colin Packham; editing by Uttaresh.V)

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