GRAINS-Corn climbs over 1% on lower U.S. planting, soybeans ea | Malaysian Palm Oil Council Russia

GRAINS-Corn climbs over 1% on lower U.S. planting, soybeans ease

• Corn gains more ground after surprise U.S. planting data
• Chicago soybean futures drop, losses limited by supply worries

SINGAPORE, July 1 - Chicago corn futures rose more than 1% on Thursday as lower-than-expected U.S. plantings raised concerns over supplies amid strong demand led by China.

Soybean and wheat prices lost some ground after a rally fuelled by the U.S. Department of Agriculture's (USDA) plantings estimates and inventory data.
"The planting report raises supply concerns on longer term," said Ole Houe, director of advisory services at brokerage IKON Commodities in Sydney.

"But the main focus now is still weather as the corn crop could swing 20-40 million tonnes on that alone."

The most-active corn contract on the Chicago Board of Trade (CBOT) Cv1 rose 1.2% to $5.95-1/4 a bushel by 0238 GMT.

Soybeans Sv1 slid 0.6% to $13.90-1/2 a bushel and wheat Wv1 lost 0.6% to $6.75-3/4 a bushel.

On Wednesday, corn futures climbed by their daily exchange-imposed limit after the USDA pegged plantings of the crop at 92.692 million acres, below analysts' expectations for 93.787 million.

The agency said soybean plantings totalled 87.555 million acres, compared to analysts' expectations for 88.955 million.

In its quarterly stocks report, the USDA said domestic corn supplies on June 1 stood at 4.122 billion bushels, the lowest for that date since 2014.

Soybean stocks came in at a six-year low of 767 million bushels and wheat stocks were 844 million bushels, also the lowest in six years.

Analysts had predicted corn stocks of 4.144 billion bushels, soybean stocks of 787 million and wheat stocks of 859 million.

The U.S. estimates are fuelling global supply concerns as inventories are slim and growing areas in North and South America are grappling with unfavourable weather.

Commodity funds were net buyers of CBOT corn, wheat, soybean, soymeal and soyoil futures contracts on Wednesday, traders said.