GRAINS-Corn climbs to 1-year peak, wheat hits 3-month high

    * Corn rises for seventh session, at highest since early June
    * U.S. corn 49% planted average pace of 80 pct - USDA
    * Wheat at 3-month high on delayed spring wheat planting 

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    By Naveen Thukral
    SINGAPORE, May 21 (Reuters) - Chicago corn futures rose for a seventh consecutive session on
Tuesday, the longest rally in two years, as the pace of U.S. planting lags behind market
expectations, stoking fears that farmers will be forced to abandon sowing.
    Wheat jumped to its highest in three months, underpinned by adverse weather in parts of the
U.S. grain belt.
    The most-active corn contract on the Chicago Board of Trade rose 1.3% to $3.94 a bushel,
as of 0336 GMT, the highest since June 1, 2018. The market has gained for seven consecutive
sessions, the longest run-up in prices since June 2017. 
    Wheat was up 1.1% at $4.83-1/2 a bushel, near the session high of $4.88 a bushel - the
highest since Feb 25. Soybeans added 0.7% to $8.37 a bushel, after closing 1.2% higher on
    "There is bullish momentum in the corn market," said a Singapore-based trader. "Premiums in the
physical market are going up as farmers are not selling."
    The USDA said 49% of the corn crop has been planted, behind analysts' expectations and below
five-year average of 80%.
    The USDA said 19% of the soybean crop has been planted, behind market expectations.
    Delayed corn planting may prompt some farmers to shift to seeding soybeans instead, or leave
fields fallow. Farmers who plant corn particularly late or under adverse weather conditions could
see below-average yields. 
    Corn may break a resistance at $3.96-3/4 and rise to $4.05-1/2, as it is riding on a fierce
wave c, which is capable of travelling to its 100% projection level at $4.05-1/2, according to Wang
Tao, a Reuters market analyst for commodities technicals.
    Wheat is drawing support because of excessive and potentially crop-damaging rains in the
southern Plains, including in top winter wheat state of Kansas.
    Russian export prices for the new wheat crop, which is going to start arriving on the market in
summer, rose last week following an increase in global benchmark Chicago prices, analysts said on
    Black Sea prices for the new crop of Russian wheat with 12.5% protein content were $186 per
tonne on a free-on-board (FOB) basis at the end of last week, up $5 from a week earlier, Russian
agricultural consultancy IKAR said in a note.
    China's soymeal futures rose to a five-month high on Tuesday, as investors bet on tightened
supplies amid a deadlock of Sino-U.S. trade relation.
    Commodity funds were net buyers of Chicago Board of Trade corn, wheat, soybean, soymeal and
soyoil futures contracts on Monday, traders said.

 Grains prices at 0336 GMT
 Contract    Last    Change  Pct chg  Two-day chg  MA 30   RSI
 CBOT wheat  483.50  5.25    +1.10%   +3.53%       448.95  82
 CBOT corn   394.00  5.00    +1.29%   +3.96%       366.86  82
 CBOT soy    837.50  5.75    +0.69%   -0.27%       861.99  56
 CBOT rice   11.24   $0.02   +0.13%   +3.07%       $10.74  91
 WTI crude   63.30   $0.20   +0.32%   +0.86%       $63.28  
 Euro/dlr    $1.116  $0.001  +0.06%   -0.08%               
 USD/AUD     0.6891  0.002   +0.33%   -0.01%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 RSI 14, exponential

 (Reporting by Naveen Thukral, Editing by Sherry Jacob-Phillips)