* Gains in wheat, corn follow biggest drop in 2 mths * Soy still near 5-month high, eyes on USDA data (Adds analyst, update prices) By Manolo Serapio Jr and Ivana Sekularac AMSTERDAM/SINGAPORE, March 8 (Reuters) - U.S. wheat futures rose for the first time in four days on Thursday boosted by a softer dollar, upbeat U.S. jobs data and hopes the Greek debt restructuring was progressing. "We've seen grains lower for most of the week, now we are taking back some damage," said Erin Fitzpatrick of the Rabobank. "The pressure on the market eases, the dollar is lower, energy prices are higher and that boosted the prices. But investors are still cautious." The most-traded May wheat contract on the Chicago Board of Trade rose 1.21 percent to $6.47 a bushel by 1135 GMT. Wheat slid 2.8 percent on Wednesday, its biggest drop since Jan. 12, as commodity funds liquidated long positions ahead of a key U.S. government crop report on Friday. CBOT May corn gained 0.8 percent to $6.43-3/4 a bushel, after falling 2.3 percent in the previous session, also its steepest drop since Jan. 12. Europe's benchmark wheat, Paris' May contract, rose 0.75 euros a tonne or 0.35 percent to 215.25 euros a tonne. The euro inched up on Thursday on the back of improved global appetite for risk, but gains were likely to be checked by nerves over the level of participation by private creditors in a Greek debt swap crucial to its second international bailout. Progress on Greece's debt restructuring deal also boosted sentiment in grains and other commodities, with soybeans just shy of a fresh five-month high touched on Wednesday. Also boosting sentiment was data showing a higher-than-forecast increase in U.S. private-sector hiring in February, which bodes well for the bigger nonfarm payrolls data on Friday. The U.S. Department of Agriculture report is expected to confirm that the world is awash with wheat and that corn and soybean supplies remain tight. "I doubt we'll see any great surprises from the USDA to get the market too excited," said Paul Deane, agricultural economist at Australia and New Zealand Bank. Specifically, Deane said he doesn't think the USDA will cut the South American soybean production forecast by as much as where many analysts had already slashed it to. "I'm more keen on the USDA report coming out at the end of March, which is more forward-looking and will give us planting intentions for corn and soybeans for this year," he said. Hot and dry weather should prompt the USDA to lower its forecasts of the corn and soybean crops in Brazil and Argentina, which should point to increased export demand for U.S. crop. The average forecast of Brazil's 2011/12 soybean harvest by 16 U.S. analysts polled by Reuters was 69.338 million tonnes, versus the USDA's February estimate of 72 million tonnes. For Argentina, U.S. analysts pegged the 2011/12 soy crop at 46.822 million tonnes, down from USDA's February estimate of 48 million tonnes. Brazil's third largest soy producing state of Rio Grande do Sul will harvest a crop of 7.1 million tonnes this season, down from the 8 million forecast previously, the state agriculture agency projected on Wednesday. U.S. soybeans edged up 0.5 percent to $13.33-1/4 per bushel, near the five-month top of $13.39 reached on Wednesday. * Prices as of 1141 GMT Product Last Change Pct Move End 2011 Ytd Pct Paris wheat 207.25 1.75 +0.85 195.25 6.15 London wheat 166.50 1.00 +0.60 153.65 8.36 Paris maize 209.50 0.75 +0.36 197.25 6.21 Paris rape 444.00 1.00 +0.23 421.50 5.34 CBOT wheat 646.50 7.25 +1.13 671.25 -3.69 CBOT corn 643.50 4.75 +0.74 654.75 -1.72 CBOT soybeans 1332.75 6.00 +0.45 1207.75 10.35 Crude oil 107.00 0.84 +0.79 98.83 8.27 Euro/dlr 1.32 0.05 +4.09 1.30 2.07 * All grain and oilseed prices for second position. Paris futures prices in Euros per tonne, London wheat in pounds per tonne and CBOT in cents per bushel.

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