* Rains set to return after brief dry spell
* Coming up: USDA to update planting progress Monday
* Japan passes on some U.S. wheat in weekly tender
(Adds closing prices, weekly price moves)
By Tom Polansek
CHICAGO, June 7 (Reuters) - U.S. corn and soybean futures
soared on Friday on worries that wetter-than-expected weather
next week will extend planting delays and reduce output for the
Planting remains slow across the U.S. Midwest due to soggy
conditions, with further disruptions expected from another round
of rain that agricultural meteorologists forecast to start this
More planting delays could reduce the number of acres
farmers sow. Also, key phases of crop development might not
happen until the hottest parts of the summer, which could cut
"We're a little worried that we might never see a dry day
again here in the Midwest," said Jack Scoville, vice president
of Price Futures Group in Chicago.
Chicago Board of Trade December corn, which represent
the crop that will be harvested this fall, climbed 1.9 percent
to $5.58-1/2 a bushel and closed up 1.5 percent for the week.
New-crop November soybeans rallied 1.9 percent to
$13.30-1/4 a bushel to close up 2 percent for the week.
Farmers are watching the skies, with showers expected to
cover most of the U.S. Midwest from Saturday to Monday, on
Wednesday and Thursday, and over the following weekend, said
John Dee, meteorologist for Global Weather Monitoring.
Rains kept growers out of their fields for most of last
week, limiting their ability to finish planting corn or catch up
on soybeans, the U.S. Department of Agriculture said in a weekly
crop progress report released on June 3.
Soybeans were 57 percent planted as of June 1, the slowest
rate for that time of year since 1996 and behind the five-year
average of 74 percent, according to the government. Corn was 91
percent planted, behind the five-year average of 95 percent.
The USDA will issue an update on planting progress on June
10 and on grain supplies and demand on June 12.
In the monthly supply/demand report, the government is
expected to trim its outlook for corn supplies at the end of the
next crop's marketing year on Aug. 31, 2104, according to a
The USDA is not expected to make major changes to its
forecast for soybean inventories and will likely cut its
projection for wheat supplies, analysts said.
INDEX FUNDS ROLL
Gains in front-month soybean and corn futures were limited
by speculative traders rolling out of positions in nearby
contracts ahead of the expiration, traders said.
July soybeans edged up 0.1 percent to $15.28-1/4 a
bushel, while July corn rose 0.5 percent to $6.66-1/4 a
July soybeans gained 1.2 percent for the week, the sixth
straight weekly gain. The contract's last run of six or more
straight weekly gains ended in the first week of March 2012.
JAPAN SNUBS SOME U.S. WHEAT
Wheat futures were little changed, with the front-month July
contract sliding 0.2 percent to $6.96-1/4 a bushel.
Traders shrugged off Japan's suspension of certain imports for
the second straight week after an unauthorized strain of
genetically engineered wheat was found in the U.S. state of
Oregon in April.
Japan's suspension of certain imports will likely be
short-lived, said Rich Nelson, chief strategist for Allendale.
"The world needs this variety of soft white wheat, which
pretty much only comes from U.S.," he said. "If we miss another
tender or two out of Japan, I don't think people are going to be
July wheat was down 1.3 percent for the week, the first loss
in three weeks.
Prices at 2:46 p.m. CDT (1946 GMT)
LAST NET PCT YTD
CHG CHG CHG
CBOT corn 666.25 3.00 0.5% -4.6%
CBOT soy 1528.25 1.00 0.1% 7.7%
CBOT meal 452.50 -1.00 -0.2% 7.6%
CBOT soyoil 48.53 0.37 0.8% -1.3%
CBOT wheat 696.25 -1.50 -0.2% -10.5%
CBOT rice 1585.50 0.00 0.0% 6.7%
EU wheat 204.00 -0.25 -0.1% -18.5%
US crude 96.13 1.37 1.5% 4.7%
Dow Jones 15,225 185 1.2% 16.2%
Gold 1378.88 -34.27 -2.4% -17.6%
Euro/dollar 1.3217 -0.0028 -0.2% 0.2%
Dollar Index 81.7020 0.1660 0.2% 2.4%
Baltic Freight 812 6 0.7% 16.2%
(Editing by David Gregorio; editing by Jim Marshall and Diane