* Soybeans rise for 3rd session on U.S. planting delays
* Corn eases after 2-day gain, planting delay limits losses
(Adds quotes, details)
By Naveen Thukral
SINGAPORE, April 17 Chicago soybean futures
climbed to their highest in more than two weeks on Monday,
rising for a third consecutive session as forecasts of heavy
rains in parts of the U.S. Midwest are expected to delay
Corn edged lower after rising for the last two sessions
although losses were limited by delays in planting in the United
States, wheat was little changed after closing 0.8 percent lower
Rain showers forecast across the western half of the U.S.
grain belt this week are likely to stall farmers as they try to
plant corn and soybeans, agricultural meteorologists said on
"We are expecting some planting delays in the U.S., as over
the next 15 days, there are forecast of excessive rains in some
areas," said Rajesh Singla, head of agriculture research at
"The demand side looks good, Chinese economy is doing well
and imports are rising."
The Chicago Board of Trade most-active soybean contract
climbed as high as $9.62 a bushel, the highest since March
31. It was trading up 0.2 percent at $9.57 a bushel by 0330 GMT.
Corn eased 0.1 percent to $3.70-1/2 a bushel and wheat
was unchanged at $4.29-3/4 a bushel.
The U.S. Department of Agriculture (USDA) said the U.S. corn
crop was 3 percent seeded by April 9, matching the five-year
average. But progress lagged in Illinois, the No. 2 U.S. corn
producer, where the crop was only 1 percent seeded, compared
with the state's average of 5 percent. Planting had not begun by
April 9 in Iowa, the top corn state.
Typically corn is planted before soybeans. Analysts said
that the delay is likely to impact corn as well as soybeans.
Large speculators increased their net-short position in CBOT
corn futures in the week to April. 11, regulatory data released
on Friday showed.
The Commodity Futures Trading Commission's weekly commitment
of traders report also showed that non-commercial traders, a
category that includes hedge funds, increased their net-short
position in CBOT wheat and increased their net-short position in
On Thursday, funds were net-buyers of CBOT corn and soybean
futures contracts and net-sellers in wheat, traders said.
Chinese demand remains strong support soybean prices. China,
the world's largest soybean buyer, imported 6.33 million tonnes
of the beans in March, a record for the month.
The soybean market dropped to a one-year low last week with
record South American supplies anchoring the market.
The USDA in a monthly report raised its projections of the
Brazilian and Argentine soy harvests. Those figures followed a
March 31 USDA report projecting a jump in U.S. soybean plantings
to record levels this year.
Grains prices at 0330 GMT
Contract Last Change Pct chg Two-day chg MA 30 RSI
CBOT wheat 429.75 0.00 +0.00% -0.81% 431.51 51
CBOT corn 370.50 -0.50 -0.13% +0.41% 364.28 63
CBOT soy 957.00 1.50 +0.16% +0.98% 978.02 55
CBOT rice 10.16 -$0.01 -0.10% -0.20% $9.90 66
WTI crude 52.73 -$0.45 -0.85% -0.72% $50.15 63
Euro/dlr $1.062 $0.001 +0.10% +0.08%
USD/AUD 0.7586 0.001 +0.18% +0.25%
Most active contracts
Wheat, corn and soy US cents/bushel. Rice: USD per
RSI 14, exponential
(Reporting by Naveen Thukral; Editing by Kenneth Maxwell and