* Soybeans up for 4/5 sessions on strong demand, dry weather
* Chicago corn futures drop for 2nd session, wheat gains ground (Adds analyst quote in paragraph 3, Chinese purchases, CFTC positions)
SINGAPORE, Nov 9 (Reuters) - Chicago soybean futures gained more ground on Monday, rising for four out five sessions as concerns over dry weather in South America and strong Chinese demand kept prices close to a four-year high.
Corn fell for a second straight session while wheat edged higher.
“Chinese soybean imports have been strong in recent months,” said Phin Ziebell, an agribusiness economist at National Australia Bank. “Demand has picked up as China is rebuilding its pig herd.”
The most-active soybean contract on the Chicago Board Of Trade (CBOT) was up 0.4% at $11.05-1/2 a bushel by 0344 GMT, after closing down 0.2% on Friday.
Soybeans hit a July 2016 high last week at $11.12-3/4 a bushel.
Corn was down 0.4% at $4.05 a bushel, after ending 0.6% lower in the previous session and wheat added 0.2% at $6.03-1/4 a bushel, after closing down 1.2% on Friday.
Soybeans have rallied as adverse weather in South America threatens global supplies.
World demand remains strong led by China, the world’s top importer.
China’s soybean imports jumped 41% in October from a year ago, according to data from the General Administration of Customs released on Saturday.
China brought in 8.69 million tonnes of the oilseed in October, up from 6.18 million tonnes in the same month a year earlier, as crushers booked Brazilian beans earlier on good margins and as more U.S. beans started to flow in, data showed.
U.S. farmers are likely to expand plantings of soybeans and wheat, while slightly reducing seedings of corn for the upcoming marketing year, the U.S. Department of Agriculture (USDA) said on Friday.
The market eyes Tuesday’s monthly supply and demand outlook from the USDA for adjustments to Chinese exports and global harvest prospects.
Large speculators cut their net long position in CBOT corn futures in the week to Nov. 3, regulatory data released on Friday showed.
The Commodity Futures Trading Commission’s weekly commitments of traders report also showed non-commercial traders, a category that includes hedge funds, cut their net long positions in CBOT wheat and soybeans. (Reporting by Naveen Thukral; Editing by Ramakrishnan M.)
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