GRAINS-CBOT grain futures firm, soybeans dip on choppy day of trading

By P.J. Huffstutter

CHICAGO, May 19 (Reuters) - Chicago Board of Trade corn futures firmed on Monday in a choppy day of trading that held prices near the bottom end of their range, even as traders questioned whether some corn acres across the U.S. Delta and southern Midwest region may not get planted due to heavy rainfall soaking fields.

Wheat futures turned higher for the fourth time in five sessions, supported by a weaker dollar .DXY, which makes U.S. supplies cheaper in export markets and signs of interest from export buyers, market analysts said.

South Korean millers bought about 50,000 metric tons of U.S. wheat in a tender on Monday. But prices remained capped by last week's Kansas crop tour, which projected the highest yield since 2021 as the region's crop was boosted by timely rain.

"The wheat market right now seems like it's set a floor, but it might go lower given that harvest is just around the corner," said Don Roose, president of U.S. Commodities in West Des Moines, Iowa.

And old-crop soybean futures contracts ticked lower in technical trading, following two sessions of losses and lower than expected weekly soybean exports. Gains on deferred month contracts were capped by recent central U.S. Midwest weather that boosted soybean planting ahead of rains this week and uncertainty over government policy impacts on biofuels, analysts said.

Chicago Board of Trade most-active soybeans Sv1 were down 0.17% to $10.48-1/4 a bushel at 1556 GMT. Wheat Wv1 rose 0.43% to $5.27-1/4 a bushel, and corn Cv1 was up 0.45% to $4.45-1/2 a bushel.

Soybean and corn futures saw some support from hopes that the U.S. will enter into additional trade deals that could either re-open or expand market access for U.S. agricultural commodities, traders said.

While U.S. wheat is among the lowest-price options in the world, demand remains lackluster, said Matt Ammermann, a commodity risk manager at StoneX. Traders point to news that Saudi Arabia's purchase of 621,000 metric tons of wheat on Monday was anticipated to mostly come from Russia, Romania and Bulgaria. Still the sale gave Chicago wheat futures some support, as the hefty wheat sale was expected to take some rival supplies out of the global market, Ammermann said.