* Chicago soybeans up for second day, at highest since Feb. 1
* Corn futures climb to strongest in more than five months
(Adds comment, detail) SINGAPORE, Feb 7 (Reuters) - Chicago soybean futures rose for a second session on Wednesday to hit their highest in almost a week, with prices underpinned by dry weather curbing Argentina's crop yields and excessive rains slowing Brazil's harvest. Corn prices marked their highest since late August on strong demand for U.S. shipments, while wheat rose for a second session as investors covered short positions. The most-active soybean contract on the Chicago Board of Trade (CBOT) had risen 0.7 percent to $9.92-3/4 a bushel $9.93-1/4 a bushel. Corn added 0.3 percent to $3.64-1/2 a bushel, its highest since Aug. 22. Wheat gained 0.7 percent to $4.49-1/2 a bushel, having closed up 1.4 percent on Tuesday. "Argentina's weather is on a track that looks likely to see further yield reductions," said Tobin Gorey, director of agricultural strategy at Commonwealth Bank of Australia. "The market has some short term concerns about Brazils overworked and fragile logistics delaying early soybeans getting onto the water." Soybeans are drawing support on worries that rains forecast for Argentina's crop belt late this week and possibly through the weekend might not be enough to relieve stress on crops. Argentina is the world's top exporter of soymeal and soyoil, and the No. 3 corn supplier. Rains have delayed the soybean harvest in Brazil.
Strong demand for U.S. cargoes continues to boost corn prices. The U.S. Department of Agriculture on Tuesday said private exporters sold a total of 225,000 tonnes of U.S. corn in the last day, the government's third corn sales announcement in as many business days. Commodity funds were net buyers of CBOT corn, soybean, wheat, soyoil and soymeal futures on Tuesday, traders said. Trade estimates of net fund buying in corn ranged from 14,000 to 21,000 contracts. The table below reflects the average of estimates from trade sources CME Group is talking to customers about potential changes to its biggest agricultural futures markets - corn and soybeans to address concerns the contracts' prices are not accurately reflecting the underlying U.S. cash grain markets, the company's clients told Reuters. CME's review of the flagship CBOT Board of Trade futures contracts has not been previously reported. It marks the latest ripple effect from a glut of food commodities that has depressed prices, hurt U.S. farmers' incomes and hobbled global grain traders.
Grains prices at 0304 GMT
Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 449.50 3.25 +0.73% +0.62% 433.32 61 CBOT corn 364.50 1.00 +0.28% +0.83% 353.83 71 CBOT soy 992.75 6.50 +0.66% +1.43% 974.27 59 CBOT rice 12.57 $0.02 +0.16% +0.88% $12.11 77 WTI crude 63.93 $0.54 +0.85% -0.34% $63.31 46
Euro/dlr $1.239 -$0.003 -0.27% -0.07% USD/AUD 0.7889 -0.022 -2.71% -1.73%
Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential
(Reporting by Naveen Thukral Editing by Joseph Radford)