(Recasts throughout; updates prices, adds quotes; changes byline, dateline, previous HAMBURG) CHICAGO, Dec 5 (Reuters) - U.S. soybean futures climbed more than 1 percent on Tuesday, scrambling back above $10 a bushel on worries about poor weather threatening yield prospects in Argentina. Corn futures were steady to fractionally lower while wheat futures sagged on sluggish export demand for U.S. supplies. As of 12:20 p.m. CST (1820 GMT), Chicago Board of Trade January soybeans were up 12-3/4 cents at $10.11-1/4 per bushel after reaching $10.15, the highest spot price on a continuous chart since July 25. CBOT March corn was down 1/4 cent at $3.53-1/4 a bushel and March wheat was down 3-1/2 cents at $4.31-3/4. Soybeans rose on worries about dry conditions in Argentina, the world's third-largest soy producer and the top exporter of soymeal and soyoil. "The 6- 10-day forecast remains very dry, with no precipitation expected across the growing areas in Argentina. As a result, soil moisture should decline across the corn and soybean growing areas over the next 10 days," MDA Weather Services said in a note to clients. Deferred CBOT soymeal futures set life-of-contract highs, including the March and May 2018 contracts. The uncertainty surrounding Argentine crop prospects fueled hopes that China, the world's biggest soybean importer, might start booking more U.S. soy cargoes. Sales of U.S. soybeans in the 2017-18 marketing year begun Sept. 1 have lagged the year-ago pace. "Our exports have been disappointing on soybeans so far, but (given) the issues in South America that are starting to bubble up in a La Nina year, I think the belief is that China is going to get a little more aggressive on some coverage," said Don Roose, president of Iowa-based U.S. Commodities. Wheat futures sagged on technical selling and a lack of export demand for U.S. supplies. "Our exports are anemic," said Dan Cekander, president of DC Analysis, adding that traders were using wheat as the short leg of inter-market spread positions against soybeans and corn.
CBOT prices as of 12:35 p.m. CST (1835 GMT):
Last Net Pct Volume
CBOT wheat Wc2 432.75 -2.50 -0.6 33367 CBOT corn Cc2 353.75 0.25 0.1 110668 CBOT soybeans Sc1 1012.25 13.75 1.4 128417 CBOT soymeal SMc2 344.80 7.30 2.2 58336 CBOT soyoil BOc2 33.47 0.03 0.1 61843
NOTE: CBOT March wheat, March corn and January soybeans shown in cents per bushel, January soymeal in dollars per short ton and January soyoil in cents per lb.
(Additional reporting by Michael Hogan in Hamburg and Naveen Thukral in Singapore; editing by David Evans and Meredith Mazzilli)