* Soybeans rise for 3rd session on Chinese buying
* Chicago wheat, corn futures climb in Asian trade (Adds quote in paragraph 3, details on fund positioning)
SINGAPORE, Oct 15 (Reuters) - Chicago soybean futures rose for a third consecutive session on Thursday as strong demand from China and dry weather in Brazil underpinned the market.
Corn and wheat futures gained more ground.
“It is the same story that we have seen for the soybean market for around a month now that Chinese demand is driving prices higher,” said Ole Houe, director of advisory services at agriculture brokerage IKON Commodities in Sydney. “Things are not getting better in Brazil.”
The most-active soybean contract on the Chicago Board Of Trade (CBOT) was up 0.2% at $10.58-1/2 a bushel by 0221 GMT, after gaining 1.2% on Wednesday.
Corn added 0.1% at $3.97 a bushel, after rising 1.3% in the previous session, and wheat gained 0.5% at $5.99-1/2 a bushel, having closed up 0.5% on Wednesday.
The U.S. Department of Agriculture (USDA) reported 264,000 tonnes of U.S. soybean sales to China on Wednesday morning.
Rains in Brazil have been patchy, threatening the country’s soybean planting cycle, industry experts said.
U.S. corn is 41% harvested, above the five-year average of 32% and an industry estimate of 39%, the USDA said on Tuesday.
Commodity funds were net buyers of CBOT corn, soybeans, soymeal, wheat and soyoil futures contracts on Wednesday, traders said. (Reporting by Naveen Thukral; Editing by Subhranshu Sahu)
Our Standards: The Thomson Reuters Trust Principles.