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GRAINS-Corn jumps 2% as U.S. report shows planting well behind average pace

Naveen Thukral

* Corn up 2% after closing lower for the last two sessions

* U.S. corn planting 67% complete, behind average pace of 96%

* But ample U.S., world reserves to keep lid on corn prices

(Adds comment, detail) SINGAPORE, June 4 (Reuters) - Chicago corn futures rose more than 2% on Tuesday, climbing back near last week's three-year high after the U.S. Department of Agriculture reported that planting was well behind the average pace for this time of year. Soybeans gained 1.4%, up for a second session, while wheat added 0.7%. The most-active corn contract on the Chicago Board of Trade was up 2.2% at $4.33-1/2 a bushel by 0252 GMT, having closed the last session down 0.6%. The market last week climbed to its highest since 2016 at $4.38 a bushel. Wet weather continued to plague U.S. farmers last week, especially in the Eastern Corn Belt, as planting progress for corn and soybeans likely failed to advance as much as needed given the already slow pace. The Crop Watch growers in Indiana and Ohio did not report that much progress had been made.

The climb in prices came after the USDA said U.S. corn planting was 67% complete as of Sunday, behind market estimates and well below the average pace of 96% at this time of year. Analysts had expected the USDA to peg planting at between 68% and 76% complete. Should farmers be unable to finish planting corn within a few weeks, growers may switch to soybeans which have a later sowing window. "Think we are comfortable that acres lost in the U.S. will be 5-10 million acres, which will mean a loss of 20-40 million tonnes from the projected crop," said Ole Houe, director of advisory services at brokerage IKON Commodities. "But we... started the year with 62 million tonnes in stocks - well above the 10-year average level of 40 million tonnes." Wheat was up 0.7% at $5.23-1/4 a bushel, after earlier marking its highest since Feb. 6 at $5.29 a bushel. Soybeans were up 1.4% at $8.91-1/2 a bushel, having closed up 0.1% on Monday. The USDA said 39% of the U.S. soybean crop was planted, at the low-end of market estimates.

Grains prices at 0252 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSICBOT wheat 523.25 3.50 +0.67% +1.70% 458.43 73CBOT corn 433.50 9.25 +2.18% -0.63% 379.90 76CBOT soy 891.50 12.50 +1.42% +0.28% 846.22 73CBOT rice 11.70 $0.00 +0.00% +0.30% $11.01 73WTI crude 53.02 -$0.23 -0.43% -0.90% $61.11

Currencies

Euro/dlr $1.125 $0.009 +0.77% +1.11%USD/AUD 0.6971 0.003 +0.48% +0.87%

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

(Reporting by Naveen Thukral, additional reporting by Colin Packham in SYDNEY; Editing by Joseph Radford)