Soybeans hover near 3-month high on planting delay; wheat rises



MUMBAI, May 27 (Reuters) - U.S. soybean futures were trading near their highest level in three months on Friday following a rally in vegetable oil prices and as the latest weather forecasts for key northern growing areas turned wet again, threatening to delay planting.

* Corn futures were steady amid lower-than-expected weekly export data, while wheat edged higher on supply concerns.

* The most-active soybeans Sv1 on the Chicago Board of Trade (CBOT) rose 0.25% to $17.30-3/4 a bushel, as of 0210 GMT, after rising 2.7% on Thursday.

* Wheat Wv1 was up 0.24% at $11.46 a bushel and corn Cv1 was flat at $7.65 a bushel.

FUNDAMENTALS

* Russian President Vladimir Putin and Italy's Prime Minister Mario Draghi on Thursday discussed ways to help ease the international food crisis, with the Kremlin saying this could be done only if the West lifts sanctions.

* Commodity Weather Group said in a note to clients that rains would disrupt seeding in North Dakota, South Dakota and Minnesota - the states furthest behind schedule due to cool and wet weather throughout the spring - starting on Saturday.

* The U.S. Agriculture Department said weekly export sales of corn totalled 210,000 tonnes, below forecasts that ranged from 350,000 to 1.3 million tonnes.

* Soyoil imports by India, the world's biggest importer of vegetable oils, could jump to a record after New Delhi allowed duty free imports.

MARKET NEWS

* Oil prices were trading near their highest level in two months as investors focused on signs of tight global supply.

DATA/EVENTS (GMT)

0130

Australia

Retail Sales MM Final

April

1230

US

Consumption, Adjusted MM

April

1400

US

U Mich Sentiment Final

May
Reporting by Rajendra Jadhav; Editing by Sherry Jacob-Phillips

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