CHICAGO, June 21 (Xinhua) -- Chicago Board of Trade (CBOT) wheat futures on Thursday posted significant gains for the second consecutive session amid talks of decreased world supply.

The wheat contract for July delivery rose 7 cents, or 1.43 percent to settle at 4.9525 dollars per bushel. July corn also went up by 2.75 cents, or 0.78 percent to close at 3.57 dollars per bushel. July soybeans were down 9 cents, or 1.01 percent to settle at 8.80 dollars per bushel.

Wheat futures, which had suffered big losses since last week, rebounded in the past two days due to bargain buying and declining crop prospects in Russia and European Union.

Escalating trade tensions between the world's two largest economies, the U.S. and China, continued to pressure CBOT soybeans.

CBOT brokers reported that funds on Thursday sold 4,100 contracts of soybeans, while buying 3,400 contracts of wheat and 2,000 contracts of corn. Enditem