CBOT soybeans firm on US planting delays, Argentina crop concerns

CHICAGO, May 21 (Reuters) - Chicago Board of Trade soybean futures rose to a nearly one-week high on Wednesday, supported by market concerns that heavy rains may have damaged soy crops in Argentina - the largest exporter of soymeal, traders said.

• Soybeans also turned higher on U.S. Midwest planting delays, particularly in the eastern areas, market analysts said.

• But market gains were limited as recent U.S. Midwest rains were seen benefiting already planted soy.

• CBOT July soybeans SN25 settled up 9-3/4 cents at $10.62-3/4 a bushel.

• Earlier in the session, the most-active soybean futures contract on a continuous basis Sv1 touched a high of $10.67-1/2 a bushel - the highest price since May 15.

• CBOT July soyoil BON25 rose 0.33-cent to 49.83 cents per pound. CBOT July soymeal SMN25 rose $1.50 to $294.10 per short ton.

• Oilseed futures also gained support from the U.S. dollar's =USD weakness, after cautious remarks about the U.S. economy by Federal Reserve officials. USD/ A weaker dollar can make U.S. supplies cheaper in export markets.

• FedEx Corp FDX.N this week announced an agreement with biofuel manufacturer Neste to deliver sustainable aviation fuel (SAF) to its cargo airline at the Los Angeles International Airport.