Recasts with strength in European trade, new comment, changes dateline

By Michael Hogan

HAMBURG, April 7 (Reuters) - Chicago soybeans rose on Monday fueled by buyers looking for bargains after China's announcement of additional tariffs on all U.S. goods led to sharp price drops on Friday.

Corn, meanwhile, fell on continued pressure from the tariff issue and the expected expansion of U.S. plantings. Wheat rose.

The most active soybean contract on the Chicago Board of Trade (CBOT) Sv1 rose 0.3% to $9.80 a bushel at 1011 GMT. The contract hit $9.70-1/4 on Friday, its lowest level since December 20.

Corn Cv1 fell 0.1% to $4.59-3/4 a bushel, wheat Wv1 rose 0.9% to $5.33-1/2 a bushel.

"The weakening impact of U.S. tariffs is still in market focus today, but there is a feeling that the worst news could be over, creating some bargain-buying," said Matt Ammermann, StoneX commodity risk manager.

China has not bought U.S. soybeans for months, and Brazil is likely to be the main soybean supplier to China up to this summer, he added.

"The U.S. is not likely to lose new sales to China, although there is still uncertainty about cancellations of prior Chinese purchases of U.S. soybeans," Ammermann said.

Soybean prices had fallen sharply on Friday with analysts warning the new tariffs could stop U.S. agricultural exports to China, particularly soybeans, boosting Brazil's market share.

China typically imports more soybeans from Brazil at this time of year and shifts to the U.S. during its harvest season starting late summer.

"Some are asking whether more countries will follow the lead of Vietnam and offer to end their tariffs on U.S. imports, opening the way to a quick resolution of the tariff disputes," Ammermann said.

"Corn is seeing some extra weakness from falling outside markets and energy prices along with expectations of expanded U.S. plantings," he added.

Wheat was also firm.

"Wheat is not suffering so much from the tariff dispute as China hardly buys any U.S. wheat anyway," Ammermann said. "U.S. wheat remains the cheapest in the world export market, and there is hope the U.S. will make more export sales."

(Reporting by Michael Hogan in Hamburg, Ella Cao and Lewis Jackson in Beijing; Editing by Eileen Soreng and Joe Bavier)

((michael.j.hogan@thomsonreuters.com; +49 172 671 36 54; Reuters Messaging: michael.hogan.thomsonreuters.com@reuters.net))