GRAINS-Old-crop soybeans hit contract highs on tight supply

* Beans rise for 2nd day on tight supply, China indicator

* Corn hovers near 11-week low on planting hopes

* Wheat holds support zone after recent slide

(Updates prices, comments; changes byline/dateline)

PARIS/SINGAPORE, May 22 (Reuters) - U.S. soybeans rallied for a second straight session on Thursday, with old-crop futures hitting contract highs, as a better-than-expected economic indicator in top importer China added to impetus from tight short-term supply in the United States.

Corn edged up, but the market held close to an 11-week low on expectations that favorable weather in the U.S. Midwest would help farmers to wind up planting of this year's crop.

Wheat also ticked higher as it held a support level on price charts after slipping in the past two weeks on ample global supply and signs of improving weather for U.S. crops.

Chicago Board of Trade July soybeans were up 1.5 percent at $15.27-3/4 a bushel by 1107 GMT, a contract high and also a three-week peak for front-month prices.

Soybeans climbed 2.5 percent on Wednesday, their biggest daily gain since August, as market attention reverted to tight old-crop supply in the United States and investment funds made their largest daily purchase of soy contracts in a month, traders said.

"For soybeans, the nearby supply is very tight, which is supporting prices," said Kaname Gokon, general manager of research at brokerage Okato Shoji in Tokyo.

Soymeal futures <0#SM:> also notched contract highs as the market continued to react to low availability of soybeans for oilseed crushers.

The soy complex got a lift from China's factory sector, which posted its best performance in five months in the HSBC Flash China Manufacturing Purchasing Managers' Index (PMI).

"The Chinese PMI was above expectations and that gave a good boost to the market," a European trader said.

China is the world's largest importer of soybeans.

The market will be looking at weekly U.S. export sales figures due at 1230 GMT for a fresh indicator of soybean demand.

CBOT July corn had risen 0.6 percent to $4.77-1/2 a bushel, not far from Wednesday's low of $4.72-1/2 - its weakest since March 4. July wheat was up 0.5 percent at $6.67-1/2.

Favorable planting weather throughout much of the U.S. Midwest this week would speed corn seeding and limit the number of acres that farmers switch to soybeans, which can be planted later.

U.S. corn planting has largely caught up to the normal pace after persistent early-season delays, and recent rains were expected to give newly seeded crops a strong start.

The wheat market had found a footing in a chart support zone around $6.60-$6.65 but was still curbed by comfortable global supply and strong export competition, traders said.

Iraq's state grain board bought 150,000 tonnes of Russian wheat this week. U.S. wheat offers were considerably higher than Russian and Ukrainian offers in the tender.

* Prices as of 1107 GMT

Product Last Change Pct Move CBOT wheat 667.50 3.25 +0.49 CBOT corn 477.50 3.00 +0.63 CBOT soy 1527.75 22.50 +1.49 Paris wheat 198.75 0.00 +0.00 Paris maize 175.75 0.25 +0.14 Paris rape 360.25 2.00 +0.56 WTI crude oil 103.95 -0.12 -0.12 Euro/dlr 1.37 0.00 -0.09 * CBOT futures prices are in cents per bushel, Paris futures in

euros per tonne, WTI crude oil in dollars per barrel.

(Additional reporting by Colin Packham; Editing by Joseph Radford and Dale Hudson)