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(Recasts, updates with U.S. trading, adds analyst quote, changes byline, dateline; previous SINGAPORE/PARIS)
CHICAGO, May 29 (Reuters) - U.S. soybean futures rose 2.2 percent on Wednesday, hitting their highest since mid-April on support from concerns that planting delays in the U.S. Midwest will lead to a sharp cutback in acreage as well as harvest yields, traders said.
Corn futures also were higher following a U.S. Agriculture Department report that showed farmers still had 39 million acres of corn to plant. But the corn market was trading well below three-year highs hit earlier in the session as the rally prompted a round of farmer sales in the country.
"I think the market is getting a little bit of a sense of reality," said Bill Gentry, managing director, agriculture consulting for Risk Management Commodities, adding "Agronomically, the yield drag on what is going to be planted from here on out is going to be significant."
Even if farmers manage to make rapid progress on their seeding tasks in the coming days - an unlikely prospect due to forecasts for more rain across the Midwest - they are still facing production shortfalls due to the delays, Gentry added.
At 10:52 a.m. CDT (1552 GMT), Chicago Board of Trade July soybean futures were up 20-3/4 cents at $8.76-3/4 a bushel. The most active soybean contract topped out at $8.92-3/4 a bushel, the highest since April 16.
CBOT July corn was 2-1/4 cents higher at $4.22-1/2 a bushel The most active contract peaked at $4.38 a bushel, its highest since June 2016.
Corn briefly turned lower on a round of profit-taking.
"Grain markets are focused on the same old song - planting which remains way behind the average pace, and a forecast that does not look to provide any reprieve," brokerage Allendale said in a note to clients.
"The questions in discovery now are just how much acreage is lost, and what is the impact on production potential?"
USDA said on Tuesday afternoon that 58% of the corn crop was planted as of May 26, well below the average pace of 90% at this time of the year. The agency, after the market closed on Tuesday, said 29% of the soybean crop was planted, well below the average of 66%.
Analysts had been expecting corn planting to be 63% complete and soybean planting to be 31% complete.
Wheat futures were lower on profit-taking after two days of strong gains pushed the most active contract to a 3-1/2-month high.
CBOT July soft red winter wheat futures were down 6-1/4 cents at $4.98-1/2 a bushel.
(Additional reporting by Naveen Thukral in Singapore and Sybille de La Hamaide in Paris; Editing by Emelia Sithole-Matarise and James Dalgleish)