GRAINS-Soy prices rebound on slow U.S. harvest, Brazil planting delay

* Soy rises half a pct after two sessions of decline

* US soy 53 pct harvested versus 5-yr average of 66 pct

* Brazil soy planting 10 pct complete, slowest in 6 years

* Wheat up, in line with EU market ahead of Egypt tender (Updates after European markets open, adds detail)

By Naveen Thukral and Sybille de La Hamaide

SINGAPORE/PARIS, Oct 21 (Reuters) – Chicago soybeans rose half a percent on Tuesday to snap a two-session losing streak, supported by the slow pace of harvesting in the United Stated and as dryness delayed planting in Brazil.

Wheat rose 0.8 percent ahead of a tender by the world’s top importer Egypt to buy the grain from global suppliers and paring some of its losses the previous day.

Chicago Board of Trade front-month soybeans had added 0.5 percent to $9.48-3/4 a bushel by 1132 GMT, after dropping more than 2 percent in the last two sessions while corn was nearly unchanged.

Spot-month wheat was 0.8 percent higher at $5.17-1/2 a bushel, having finished 0.5-percent lower the day before. Corn was un changed at 348-1/4 a bushel.

“If you look at the USDA crop report, the harvest is still behind schedule although it has picked up a little bit, and the weather probably does look more supportive for the (soybean) harvest to keep gathering steam,” said Paul Deane, an agricultural economist at ANZ Bank in Melbourne.

“Then you have Brazil planting delays and I think that is probably the bigger issue the market will be concerned about.”

U.S. framers have harvested 53 percent of their soybean crop, up from 40 percent a week ago but still below five-year average of 66 percent, the U.S. Department of Agriculture said in its weekly crop report.

The corn harvest was 31 percent complete, compared with 24 percent a week ago and below the five-year average of 53 percent.

Traders had expected the corn harvest to be 33 percent complete and the soybean harvest to be 55 percent over.

Forecasts for mostly dry conditions across the grain belt pressured prices on Monday. Corn and soybeans rallied last week on concerns about wet weather slowing the harvest of a record U.S. crop.

Brazil’s soy planting is 10 percent complete for the 2014-15 crop, the slowest for this time of year since the 2008-09 season, local consultancy AgRural said on Monday.

Planting advanced just three percentage points from the previous week after a long dry spell in many areas made the soil too dry to continue field work, and seeds that were already planted may have to be resown.

Investors in the wheat market are awaiting the result of Egypt’s latest tender. U.S. wheat was unlikely to be competitive enough to win business but a potential sale of French wheat was supporting Paris-based Euronext futures.

By 1212 GMT front month November wheat on Euronext was up 2.00 euros or 1.1 percent at 180.25 euros a tonne.

Egypt’s General Authority for Supply Commodities set a tender on Monday to buy an unspecified amount of wheat from global suppliers for shipment from Nov. 21 to 30.

“Euronext is supported by Egypt’s tender, pulling overnight trading in Chicago in its wake,” a European trader said.


prices at 1132 GMT    
  Contract     Last    Change  Pct chg  Two-day chg MA 30  RSI
  CBOT wheat   517.50     4.00  +0.78    +0.29     495.35   67
  CBOT corn    348.25     0.00  +0.00    +0.22     364.97   58
  CBOT soy     948.75     4.50  +0.48    -0.32     947.75   48
  CBOT rice    $12.48   -$0.03  -0.20    -0.56     $12.63   38
  WTI crude    $82.93    $0.22  +0.27    +0.22     $89.41   26
  Euro/dlr     $1.2751
    Most active contracts
    Wheat, corn and soy US cents/bushel. Rice: USD per
    RSI 14, exponential    

 (Reporting by Naveen Thukral; Editing by William Hardy)

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