* Rains delay U.S. crop planting, postpones harvest outlook
* Corn futures retreat on long liquidation, traders say
* South Korea finds no GMO wheat yet in tests
(Adds crop-progress data, closing prices)
By Tom Polansek
CHICAGO, June 3 (Reuters) - U.S. soybean futures climbed on
Monday on concerns supplies will run short before the autumn
harvest because of strong demand and late plantings, while corn
Wet weather that has slowed the planting of soybeans and
corn this spring is expected to continue, with occasional
showers forecast in the Midwest over the next 10 days.
The U.S. Department of Agriculture, in a weekly progress
report, said soybean planting was 57 percent complete as of June
1, the slowest for this time of year since 1996.
The planting delays look to postpone the start of harvest,
preventing farmers from replenishing tight inventories until
later than previously expected. Supplies left over from last
year's drought-reduced harvest have diminished due to robust
demand from buyers like top importer China.
"Soybeans are the definite leader, taking support from the
fact that plantings remain delayed, and harvest will likely be
delayed as well," said Karl Setzer, a grain solutions team
leader for MaxYield Cooperative in Iowa.
"We could see significant tightness in the cash soybean
market prior to the start of the next harvest season," he said.
Chicago Board of Trade July soybeans jumped 22-1/2
cents to $15.32-1/2 a bushel. November soybeans, which
represent the crop that will be harvested in the fall, were up
21-1/4 cents at $13.25-1/2 a bushel after reaching a four-month
July corn fell 6-1/4 cents to $6.55-3/4 a bushel,
while new-crop December corn dipped 7-1/4 cents to $5.60 a
bushel after setting a two-month high earlier in the session.
Poor weather has raised concerns about reduced plantings and
reduced yields for acres that are sowed. Late planting means key
phases of crop development will likely be delayed until the heat
of the summer.
The USDA, in the weekly report, said 31 percent of the
soybean crop had emerged, below the five-year average of 49
percent for this point in the season.
The corn crop was 91 percent planted, below the five-year
average of 95 percent, and 74 percent emerged, below the
five-year average of 82 percent.
Morgan Stanley on Monday forecast 2013 U.S. corn
plantings at 93.5 million acres, nearly 4 percent below USDA's
forecast, due to wet weather.
"More rain events in the forecast, delaying planting further
and creating concern about tight U.S. supply, are enough to push
prices higher," Kayla Burkhart, a broker for SunPrairie Grain in
North Dakota, said about soybeans.
In early trade, planting concerns boosted July corn as high
as $6.69 a bushel. However, chart-based selling kicked in when
the contract fell short of last week's high of $6.69-3/4,
driving prices lower, traders said.
Wheat edged higher as traders have largely shrugged off the
risk of extended curbs in demand for U.S. exports following the
discovery of an unauthorized type of genetically modified wheat
in Oregon last week.
South Korea, a buyer of U.S. wheat, said it has not detected
genetically modified wheat in initial tests of imports of the
grain and flour.
However, the Asian nation will continue a suspension of U.S.
wheat imports until it sees the final results of government
tests on shipments from around the United States. The results
are now expected on Wednesday.
"Both buyers are sellers would like to see this problem go
away," Jim Gerlach, president of A/C Trading, said about
concerns about unauthorized wheat production.
CBOT July wheat rose 3-1/4 cents to $7.08-3/4 a
Prices at 2:50 p.m. CDT (1950 GMT)
LAST NET PCT YTD
CHG CHG CHG
CBOT corn 655.75 -6.25 -0.9% -6.1%
CBOT soy 1532.50 22.50 1.5% 8.0%
CBOT meal 454.40 7.20 1.6% 8.0%
CBOT soyoil 48.66 0.28 0.6% -1.0%
CBOT wheat 708.75 3.25 0.5% -8.9%
CBOT rice 1546.00 16.50 1.1% 4.0%
EU wheat 207.75 1.75 0.9% -17.0%
US crude 93.30 1.33 1.5% 1.6%
Dow Jones 15,223 107 0.7% 16.2%
Gold 1411.70 25.81 1.9% -15.7%
Euro/dollar 1.3071 0.0077 0.6% -0.9%
Dollar Index 82.6730 -0.7010 -0.8% 3.6%
Baltic Freight 806 -3 -0.4% 15.3%
(Editing by David Gregorio; editing by Jim Marshall)