* Soybeans, corn rise as U.S. rains delay harvest
* Soybeans up 3rd day, corn, wheat a 2nd
* Wheat firms but Egypt import problems in focus
(Adds details, quotes)
By Naveen Thukral
SINGAPORE, Sept 19 Chicago soybeans climbed more
than one percent on Monday to a one-week high and corn gained
more ground, with prices underpinned by rains in parts of the
U.S. Midwest that delayed the harvest.
Wheat rose on spillover strength from corn, although the
market's focus is on top buyer Egypt banning foreign shipments
with any traces of ergot fungus.
Chicago Board of Trade most-active soybean contract
rose as much as 1.2 percent to $9.78 a bushel by 0319 GMT,
strongest since Sept. 12. That follows soybean prices gaining
1.6 percent on Friday and 0.8 percent on Thursday.
Corn climbed 0.6 percent to $3.39 a bushel, highest
since Sept. 13, and wheat advanced 0.7 percent to
$4.06-1/4 a bushel. Corn and wheat were both up for a second
"A wet U.S. crop outlook has the market on edge and so
investors were keen to buy back some short positions," said
Tobin Gorey, director of agricultural strategy at Commonwealth
Bank of Australia.
"Less rain is now expected for the Midwest this week than
was earlier advertised. That might help the U.S. harvest
progress a little better, but we'll probably see some delays in
the export pipeline nonetheless."
Heavy rains last week in parts of Iowa, Nebraska and South
Dakota stalled the early harvest of what are projected to be
record-large corn and soybean crops.
A wet pattern is likely to persist in the western Midwest
for the next few weeks, Commodity Weather Group meteorologist
David Streit said, potentially slowing the autumn harvests in
the United States.
Ample global wheat supplies and concern about Egypt, the
world's biggest importer, kept gains in wheat in check.
Egypt was unable to garner a single offer from wheat
suppliers for its state grain tender on Friday, forcing it to
cancel and raising renewed questions about its ability to tap
global wheat markets while banning ergot fungus.
Large speculators trimmed net short position in CBOT corn in
the week to Sept. 13, regulatory data released on Friday showed.
The Commodity Futures Trading Commission's weekly
commitments of traders report also showed that noncommercial
traders, a category that includes hedge funds, trimmed their net
short position in CBOT wheat and cut their net long position in
(Reporting by Naveen Thukral; Editing by Tom Hogue)