GRAINS-Soybeans rise on tight supplies, firm cash markets
* Soybeans rise for second straight day, corn mostly lower
* Tight old-crop stocks, persistent demand boosts spot soy
* Wheat rebounds after 3 pct drop on Monday
(Rewrites throughout, adds quotes, updates prices, changes dateline from SYDNEY/PARIS, changes byline) CHICAGO, June 25 (Reuters) - U.S. soybean futures rose for a second straight session on Tuesday, supported by a firm cash prices amid persistent demand from domestic processors for razor thin supplies remaining from last year's drought-hit harvest. Corn prices were mostly lower, with new-crop values down for a fourth consecutive session, as favorable weather across much of the Midwest was expected to bolster the recently planted crop. Wheat prices firmed in a modest rebound from the prior day's steep drop, although gains were capped by continued reports of larger-than-anticipated yields from the advancing winter crop harvest. Cash soybean basis values around the United States climbed as supplies of the oilseed, projected to shrink to the tightest in nine years by late summer, were proving difficult to acquire. "Soybeans are up again today. Processors continue to bid up for increasingly tighter supplies," said Art Liming, futures specialist with Citigroup. Spot soybean basis bids in the benchmark Decatur, Illinois, market jumped by 10 cents a bushel on Tuesday to the highest level since August 2009. Chicago Board of Trade July soybeans rose 7 cents, or 0.5 percent, to $15.19 per bushel by 10:30 a.m. CDT (1530 GMT). New-crop November soybeans gained 3-1/4 cents, or 0.3 percent, to $12.76-3/4 a bushel, underpinned by some concerns about planting delays mostly in the western Midwest. The U.S. Agriculture Department said Monday that 92 percent of the U.S. crop was planted as of June 23, the lowest for this time of year since 2009. Corn seeding was already complete and the crop was developing under favorable conditions, with heat and rain speeding plant growth following a slow start to planting. The nearly ideal growing weather was expected to persist in the U.S. Midwest for at least the next two weeks, an agricultural meteorologist said on Tuesday. "All in all it's a good pattern, no stress for crops," said John Dee, meteorologist for Global Weather Monitoring. CBOT July corn futures, the only higher contract, rose 1-3/4 cents to $6.55 a bushel but new-crop December fell 2-3/4 cents, or 0.5 percent, to $5.43-3/4 a bushel. CBOT July wheat gained 3 cents, or 0.4 percent, to $6.82 a bushel after a nearly 3-percent plunge the previous day which was the steepest drop in more than six weeks. Grain markets are building up towards acreage and stocks reports to be issued by the USDA on Friday.
Investors will be squaring positions ahead of the report, which falls on the last trading day of the week, month and quarter as well as the first notice day for July futures contracts.
Prices at 10:43 a.m. CDT (1543 GMT)
LAST NET PCT YTD CHG CHG CHG CBOT corn 655.00 1.75 0.3% -6.2% CBOT soy 1519.75 7.75 0.5% 7.1% CBOT meal 454.80 3.80 0.8% 8.1% CBOT soyoil 47.35 -0.20 -0.4% -3.7% CBOT wheat 682.50 3.50 0.5% -12.3% CBOT rice 1556.00 -5.50 -0.4% 4.7% EU wheat 197.50 1.00 0.5% -21.1% US crude 95.75 0.57 0.6% 4.3% Dow Jones 14,755 95 0.7% 12.6% Gold 1275.91 -5.38 -0.4% -23.8% Euro/dollar 1.3084 -0.0033 -0.3% -0.8% Dollar Index 82.6150 0.1900 0.2% 3.6% Baltic Freight 1090 28 2.6% 55.9%
(Editing by Sofina Mirza-Reid)