GRAINS-Soybeans rise for fifth session to highest in a year on Argentina weather


* Soybeans at highest since Feb. 28 on Argentina's dryness

* Chicago wheat rises 1 pct, corn recoups Friday's losses

(Adds details, quotes) SINGAPORE, Feb 26 (Reuters) - Chicago soybean futures rose for a fifth consecutive session on Monday, climbing to a 1-year high with no let up in dry weather curbing yields in the world's third-largest exporter, Argentina. Wheat rose 1 percent to its highest since August while corn bounced back after closing marginally lower on Friday. The Chicago Board Of Trade most-active soybean contract climbed 0.7 percent at $10.54-1/2 a bushel by 0319 GMT, after rising to as much as $10.55 - the highest since Feb. 28. Wheat gained 0.9 percent at $4.68-1/2 a bushel, after climbing earlier in the session to $4.71, the highest since Aug. 1. Corn was up 0.5 percent to $3.68 a bushel, having closed down 0.1 percent in the previous session. "Argentina's dryness has been the big story in the soybean market, but record Brazilian supplies should compensate for some of the supply losses," said Phin Ziebell, an agribusiness economist for National Australia Bank. "Beyond South America, it will be interesting to see how things develop in the U.S." Argentina, which is also the world's biggest supplier of soyoil and soymeal, has been grappling with dry weather since late last year. The effects are becoming apparent as crops are in the sensitive yield-formation stages. Brazilian soybean farmers are expected to harvest a record 117.5 million tonnes of soybeans in the 2017/18 crop cycle, a top executive at Brazil-based consultancy Agroconsult said on Friday. Brazil has been taking a larger share of the Chinese soybean market. China's imports of soybeans from the United States in January fell 14 percent from the same month a year ago, customs data showed, as Brazil grabbed a larger slice of the world's biggest market for the oilseed with higher-protein beans.

According to customs data released on Saturday, China imported 5.82 million tonnes of U.S. soybeans in January, equal to 67 percent of all imports. Last year, U.S. beans accounted for 88.5 percent of the January total. Wheat prices have been supported by dry weather across key U.S. producing regions. Large speculators raised their net long position in CBOT corn futures in the week to Feb. 20, regulatory data released on Friday showed. The Commodity Futures Trading Commission's weekly commitments of traders report also showed that noncommercial traders, a category that includes hedge funds, increased their net short position in CBOT wheat and raised their net long position in soybeans.

Grains prices at 0319 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 468.50 4.25 +0.92% +3.82% 444.63 58 CBOT corn 368.00 1.75 +0.48% +0.34% 360.39 68 CBOT soy 1054.50 7.00 +0.67% +1.08% 1007.84 84 CBOT rice 12.21 $0.00 +0.04% +1.54% $12.23 38 WTI crude 63.80 $0.25 +0.39% +1.64% $63.20 69


Euro/dlr $1.231 $0.002 +0.17% -0.12% USD/AUD 0.7865 0.002 +0.29% +0.25%

Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential

(Reporting by Naveen Thukral; Editing by Christian Schmollinger)