* Soybeans extend gains as U.S.-China resume trade talks Gains in soybean prices capped by ample world supplies
* Corn prices rise as rains delay planting in U.S. Midwest
(Adds details, quote) SINGAPORE, May 8 (Reuters) - Chicago soybeans rose for a second session on Wednesday, with focus on whether the latest round of talks between Washington and Beijing this week will be able to stop an escalation in a festering trade dispute between the two countries. Corn gained more ground as rains have delayed U.S. planting while wheat rose on bargain buying. The Chicago Board of Trade most-active soybean contract rose 0.2 percent to $8.32-3/4 a bushel by 0306 GMT, corn added 0.3 percent to $3.67-1/2 a bushel and wheat was trading 0.5 percent higher at $4.41-3/4 a bushel. Traders are monitoring any news on the talks as a deal to resolve the trade war could trigger accelerated commodities purchases by China, helping to reduce massive U.S. stockpiles of soybeans. Chinese Vice Premier Liu He will travel to Washington for two days of talks this week, China said on Tuesday, setting up a last-ditch bid for a deal that would avoid a sharp increase in tariffs on Chinese goods ordered by U.S. President Donald Trump.
"Soybeans are ticking higher but market is unlikely to get very excited unless there are substantial purchases of U.S. beans by China," said Phin Ziebell, an agribusiness economist at National Australia Bank. "The latest trump threats don't point to swift resolution of issues. And there are plenty of supplies in the market, Brazil has just finished harvesting a big crop." Soybeans were the single most valuable U.S. agricultural export crop and until the trade war China bought $12 billion-worth a year from U.S. farmers. The dispute, however, has slashed shipments of U.S. soy to China. The corn market is being underpinned by excessive rains delaying U.S. planting. The U.S. Department of Agriculture on Monday said 23 percent of the corn crop had been planted, below the five-year average of 46 percent. The wheat market, which has lost more than 12 percent this week, is finding support in bargain-buying. Commodity funds were net buyers of CBOT corn, soybean and wheat futures contracts on Tuesday, traders said. Funds were net sellers of soymeal and soyoil futures.
Grains prices at 0306 GMT
Contract Last Change Pct chg Two-day chg MA 30 RSICBOT wheat 441.75 2.25 +0.51% +1.03% 454.78 44CBOT corn 367.50 1.00 +0.27% +0.89% 368.10 51CBOT soy 832.75 2.00 +0.24% +0.30% 884.73 11CBOT rice 10.92 -$0.02 -0.18% +2.01% $10.75 68WTI crude 61.89 $0.49 +0.80% -0.58% $63.10
Euro/dlr $1.120 $0.001 +0.08% +0.02%USD/AUD 0.7021 0.001 +0.14% +0.46%
(Reporting by Naveen Thukral; Editing by Joseph Radford and Rashmi Aich)