* Brazilian shipment delays may raise demand for U.S. soybeans
* Chinese buying hopes support soybeans
* Wheat firm as Russia raises export taxes
* Corn underpinned by firm soybeans
*
HAMBURG, March 1 (Reuters) - Chicago soybean futures rose on Monday as delays in exports from Brazil raised hopes of higher demand for U.S. beans at a time of tight U.S. supplies.
Wheat rose as Russia raised export taxes. Corn was supported by firm soybeans as U.S. farmers decide on new crop plantings.
Chicago Board of Trade most-active soybeans rose 0.9% to $14.17 a bushel by 1153 GMT. Corn edged up 0.05% to $5.47-3/4 a bushel, wheat climbed 0.6% to $6.64-1/4 a bushel.
"Soybeans are being supported by constant Chinese import demand," said Matt Ammermann, StoneX commodity risk manager. "Brazil’s harvest is not as rapid as hoped which could transfer Chinese buying to other regions if issues arise, while Chinese soybean futures rose strongly today with the thought that Chinese farmers want to plant more corn."
"As the new month starts, I think there is reflection in the market that U.S. soybean supplies remain tight and there are not a lot of inventories available in the U.S. to meet Chinese demand."
Chinese soybean crushers are expected to curtail operations sharply due to harvest delays in top exporter Brazil.
China's Dalian soybean futures hit record highs on Monday on tight supply and as farmers are expected to reduce soy acres in favour of corn.
“Corn is underpinned by firm soybean markets. March is a key month for soybean and corn plantings in the U.S. and corn prices have to be high enough to attract plantings in competition to soybeans,” Ammermann said.
“Wheat is underpinned by the rise in Russian wheat export taxes today, with hopes some of the export sales likely to be lost by Russia could be won by the U.S.”
Russia on Monday doubled wheat export taxes to 50 euros a tonne ($60.20) to cool domestic prices.
European Euronext wheat futures rose by around 3% on Monday. (Reporting by Michael Hogan in Hamburg, additional reporting by Naveen Thukral in Singapore, editing by Susan Fenton)
