CORRECTED-GRAINS-Soybeans gain on demand prospects, but high plantings cap gains

By Heather Schlitz

CHICAGO, Feb 19 (Reuters) - Chicago soybean futures rose for a third consecutive day on Thursday to hover near the previous session's three-month high, as projections of Chinese buying and a strong soybean crush provided support, but forecasts of high plantings capped prices.

Wheat also gained on short covering while corn ticked lower on technical trading.

The most-active soybean contract on the Chicago Board of Trade Sv1 was last up 3/4 cent to $11.34-1/4 per bushel as of 10:45 a.m. CT (1645 GMT), after having hit its highest since mid-November on Wednesday.

"The Chinese story is in the background, but as we come out of Lunar New Year, the trade will be paying attention to whether the Chinese are interested in U.S. soy or not," said Jason Ward, director of Northstar Commodity.

Earlier this month, U.S. President Donald Trump said China was considering making an additional purchase of 8 million metric tons.

In January, the U.S. soybean crush touched a record high for the first month of the year, while soyoil stocks hit their highest since April 2023, according to monthly National Oilseed Processors Association data issued on Tuesday.

The U.S. Department of Agriculture projected soybean plantings for 2026 at 85.0 million acres, up from 81.2 million last year - a six-year low - and slightly above an analyst average estimate of 84.9 million.

Wheat Wv1 added 8-1/2 cents to $5.55-3/4 a bushel, and corn Cv1 was down 2-3/4 cents to $4.24-1/4 a bushel.

U.S. farmers, punished by slumping prices after last year's huge corn harvest, are expected to reduce their plantings of corn in 2026 as they brace for a fourth straight year of narrow profit margins or even losses.