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GRAINS-Corn jumps 1.6% as U.S. report shows below-average planting pace

Naveen Thukral

* Corn up 1.6% after closing lower for the previous 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 China's Dalian soymeal prices) SINGAPORE, June 4 (Reuters) - Chicago corn futures rose 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 1.1%, up for a second session, while wheat slid around half a percent. The most-active corn contract on the Chicago Board of Trade was up 1.6% at $4.31 a bushel, as of 0726 GMT, having closed the previous session 0.6% weaker. 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. "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 down 0.4% at $5.17-3/4 a bushel, after earlier marking its highest since Feb. 6 at $5.29 a bushel. Soybeans climbed 1.1% at $8.88-3/4 a bushel, having closed 0.1% higher on Monday. The USDA said 39% of the U.S. soybean crop was planted, at the low-end of market estimates. In China, Dalian soybean futures rose 1% and soymeal prices gained 2.1%, tracking gains in U.S. markets.

Grains prices at 0726 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSICBOT wheat 517.75 -2.00 -0.38% +0.63% 458.25 69CBOT corn 431.00 6.75 +1.59% -1.20% 379.82 75CBOT soy 888.75 9.75 +1.11% -0.03% 846.13 72CBOT rice 11.70 $0.00 +0.00% +0.30% $11.01 73WTI crude 53.18 -$0.07 -0.13% -0.60% $61.12

Currencies

Euro/dlr $1.127 $0.010 +0.93% +1.27%USD/AUD 0.6985 0.005 +0.68% +1.07%

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 and Sherry Jacob-Phillips)