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GRAINS-Soybeans near 3-week high as China resumes buying U.S. cargoes

* Soybeans up for fifth day as China returns to U.S. market * Abundant global supplies seen keeping lid on prices * Corn hits a 10-month high on U.S. planting delays * Wheat up for third session on dry weather in key exporters (Adds details, quotes) By Naveen Thukral SINGAPORE, May 24 (Reuters) - Chicago soybeans rose for a fifth consecutive session on Thursday to a near three-week high as top importer China returned to the U.S. market, seeking cargoes amid easing trade tensions between the two countries. Corn reached a 10-month peak on concerns about planting in parts of the U.S. Midwest, while wheat was up for a third session as dry conditions in key producers around the world threatened crops. The Chicago Board Of Trade most-active soybean contract was up 0.6 percent at $10.45-1/2 a bushel, by 0322 GMT, the highest since May 4. Corn rose 0.1 percent to $4.09 a bushel. Earlier in the session, it touched its highest since July at $4.09-1/4, and wheat climbed 0.1 percent to $5.31-1/2 a bushel. "China is back to the U.S. market, which is good for U.S. soybean prices, but China's domestic demand is weak and Brazil has a record crop to sell," said one India-based agricultural commodities analyst. "We think the market will be balanced as lower output in Argentina is likely to be offset some weakness in demand from China." A Chinese importer on Tuesday purchased one cargo of U.S. soybeans for August shipment from the U.S. Pacific Northwest. It marked the first sale of U.S. soybeans to China since the two countries stepped back from a full-blown trade war. China's state grain stockpiler also returned this week to the U.S. soybean market for the first time since early April, a sign that Beijing is preparing to resume purchases. For corn, overly wet conditions have stalled planting in the northern Midwest, potentially prompting a shift by farmers to grow soybeans or other crops that can be planted later in the spring instead. Meanwhile, worsening dryness in parts of the central Corn Belt increased concerns that recently seeded crops could be facing a tough growing season ahead. Dry weather in parts of Canada, Australia and Russia - all major wheat exporters - has added to crop worries, although the global market is set for record inventory levels at the end of the current season. Commodity funds were net buyers of CBOT corn, wheat, soybean, soymeal and soyoil futures contracts on Wednesday. Grains prices at 0322 GMT Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 531.50 0.50 +0.09% +4.78% 502.28 67 CBOT corn 409.00 0.50 +0.12% +1.55% 398.50 72 CBOT soy 1045.50 6.25 +0.60% +1.98% 1034.34 68 CBOT rice 11.90 -$0.02 -0.17% -2.70% $12.87 24 WTI crude 71.68 -$0.16 -0.22% -0.78% $69.35 61 Currencies Euro/dlr $1.170 -$0.007 -0.61% -0.76% USD/AUD 0.7560 0.005 +0.65% +0.68% Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential (Reporting by Naveen Thukral, Editing by Sherry Jacob-Phillips)

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