* Soybeans rise for 6th consecutive session
* USDA reports U.S. soybean, soymeal export sales
* Traders await weekly USDA crop progress report
CHICAGO, Oct 26 (Reuters) - U.S. soybean futures set their
highest price in more than four years on Monday, rising for a
sixth consecutive session on the back of strong Chinese demand.
Corn futures retreated from a 14-month peak hit on Friday,
while wheat tumbled after sharp gains in the previous session.
Traders are keeping a close eye on demand from China because
Chinese importers have recently increased purchases of U.S.
agricultural products. The purchases help fulfil commitments
made during an initial trade deal the two countries signed in
The U.S. Department of Agriculture on Monday reported that
exporters struck separate deals to sell 120,700 tonnes of U.S.
soybeans to unknown buyers and 135,000 tonnes of U.S. soymeal to
Yet rains in Brazil, the world's top soybean supplier,
limited gains in soybean futures, brokers said.
"It is going to take some South American weather problem or
continued Chinese export demand to sustain the rally in the
soybean market," said Tomm Pfitzenmaier, analyst for Summit
Commodity Brokerage in Iowa.
The most-active soybean contract on the Chicago Board of
Trade was up 5 cents at $10.88-3/4 a bushel by 1:14 p.m.
CDT (1814 GMT), after hitting a session peak of $10.89-3/4 a
bushel - the highest since July 2016.
Corn slipped 1/2-cent to $4.18-3/4 a bushel, having
climbed to its highest since August 2019 on Friday. Wheat
fell 10 cents to $6.22-3/4 a bushel at the CBOT, after jumping
1.6% in the previous session.
Rain and snow in the U.S. Plains eased worries about
unfavorably dry planting conditions for wheat, traders said.
The USDA, in a weekly report due at 3 p.m. CDT on Monday, is
expected to peg U.S. winter wheat planting as 86% complete, up
from 77% as of Oct. 18, according to a Reuters poll of analysts.
USDA is expected to report the U.S. corn harvest as 73% complete
and the soybean harvest as 86% complete.
(Reporting by Tom Polansek in Chicago, Naveen Thukral in
Singapore and Sybille de la Hamaide in Paris; Editing by Andrea
Ricci and Bernadette Baum)