U.S. soybeans, corn and wheat rose for a second session on Thursday as bargain-buying continued a rebound from multi-month and multi-year lows hit earlier this week, with soybeans also supported by strong export demand for U.S. supplies.

"We are again seeing bargain-buying purchase interest and short covering today in wheat, corn and soybeans after the lows they touched on Tuesday," said Stefan Vogel, head of agricultural commodity markets research at Rabobank. "But price gains are being limited by the expectations of large soybean and corn harvests in the United States."

Most active Chicago Board of Trade November soybeans rose 1.0 percent to $9.65-3/4 a bushel at 0942 GMT. Soybeans continued Wednesday's rise away from 3-1/2 month lows hit on Tuesday after favorable U.S. Midwest weather forecasts supported hopes of a record U.S. soy crop.

Most active September wheat rose 1.4 percent to $4.16 a bushel. Spot wheat fell below $4 a bushel on Tuesday for the first time in a decade.

Most active December corn rose 0.4 percent to $3.36-1/2 a bushel, having gained on Wednesday. Spot corn hit a near two-year low on Tuesday on expectations of a record U.S. crop.

"Upward momentum in wheat is also being restrained by the expectations of a very large wheat harvest in Russia while the United States is not playing a leading role in the world export market to the mainstream destinations," Vogel said.

Russia is expected to harvest the largest wheat crop in its post-Soviet history this summer.

Attention is also turning to the world supply and demand estimates from the United States Department of Agriculture (USDA) on Aug. 12.

"Funds have a large short position in wheat which they may trim slightly more before the USDA report next week," Vogel said.

"The soybean market is rather divided, with some believing brisk U.S. old crop exports could cause the USDA to trim its old crop soybean ending stocks forecast."

"But overall weather is good for the U.S. crop and therefore the strong export sales must be balanced against the possibility the USDA may raise its yield forecast for the U.S. harvest this summer."

A hefty 441,000 tonnes of U.S. soybeans sold to China were reported on Wednesday.

"Corn is being largely driven by strength in wheat and soybeans," Vogel said. "Again the outlook for the very large U.S. crop is limiting gains."

(Reporting by Michael Hogan and Colin Packham, editing by David Evans)