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GRAINS-Soy up after three-day skid; corn, wheat bounce from contract lows

Julie Ingwersen

(Recasts throughout; updates prices, adds quotes; changes byline, dateline, previous SINGAPORE/PARIS) CHICAGO, April 25 (Reuters) - U.S. soybean futures turned higher on Thursday and were poised to snap a three-session slide while corn and wheat rebounded from contract lows as fund-driven selling paused and forecasts signaled more U.S. planting delays, traders said. As of 12:55 p.m. CDT (1755 GMT), Chicago Board of Trade (CBOT) July soybeans were up 3-3/4 cents at $8.72-1/2 per bushel. CBOT July corn was up 1-1/2 cents at $3.57-1/2 a bushel after falling to a contract low at $3.51-1/2, and July wheat was up 3 cents at $4.41-1/2 a bushel after recording a contract low at $4.34-1/2. CBOT soymeal futures posted the biggest percentage gains in the soy complex, lifting soybeans. Front-month CBOT soymeal was up $5.20 at $305.60 per short ton, rallying after dipping below $300 for the first time since March. "It's just a technical rebound," said Terry Reilly, senior commodity analyst with Futures International in Chicago. "Plus, there is this ongoing talk that the near-term weather forecast is not good for producers to plant. When you see delays in corn, you start shaving off some yields from your outlook for certain areas," Reilly said. Forecasts called for above-normal precipitation across much of the United States over the next 15 days, Maxar, a space technology company, said in a midday weather note. Slowed by excessive moisture over the winter and early spring, farmers had planted 6 percent of the U.S. corn crop as of April 21, behind the five-year average of 12 percent, the U.S. Department of Agriculture said this week. Soybean seeding was just 1 percent complete. Despite the slow start to planting, CBOT corn and soy futures have been under pressure all week as commodity funds add to sizable net short positions against a backdrop of ample domestic and world supplies. A stronger dollar, which makes U.S. grains less competitive globally, added to bearish sentiment. But fund selling appeared to slow on Thursday as the dollar index steadied and crop weather took the spotlight.

CBOT prices as of 12:49 p.m. CDT (1749 GMT):

Last Net Pct Volume

change change

CBOT wheat WN9 441.25 2.75 0.6 48107CBOT corn CN9 357.75 1.75 0.5 279866CBOT soybeans SN9 872.50 3.75 0.4 148329CBOT soymeal SMN9 309.30 5.30 1.7 76006CBOT soyoil BON9 28.11 -0.11 -0.4 53617

NOTE: CBOT July wheat, corn and soybeans shown in cents per bushel, July soymeal in dollars per short ton and July soyoil in cents per lb.

(Additional reporting by Sybille de La Hamaide in Paris and Naveen Thukral in Singapore; editing by Jan Harvey and James Dalgleish)