* Corn hits highest since Jan. 13, up for third session
* Soybeans up for 3rd day on Brazil soy harvest worries
* Wheat advances on Russia's higher export tax plan
HANOI, Jan 27 (Reuters) - Chicago corn futures rose on
Wednesday to a two-week high as China's purchase of U.S.
supplies of the grain hit the highest level since July, while
rains disrupting harvest in Brazil lent soybeans some support.
The Chicago Board of Trade (CBOT) most-active corn contract
climbed as much as 1.4% to $5.39-1/2 a bushel, its highest
since Jan. 13, and was on track to post a third straight session
"The near-term underlying bullish sentiment is still very
much in place. We still have two to three months at least before
we have confirmation that the new crop of global grain or
oilseed will be adequate," said Ole Houe, director of advisory
services at agriculture brokerage IKON Commodities.
"Until then, the market is likely to continue upwards, with
China demand as the key driver... unless China ends up having a
real issue with the African swine fever."
The U.S. Department of Agriculture announced on Tuesday the
biggest corn sale since July of 1.36 million tonnes to China,
the world's second-largest consumer of the grain behind Japan.
New strains of the African swine fever identified in Chinese
pig farms, though not deadly to the animals, have still caused a
reduction in healthy newborn piglets, potentially threatening
demand for animal feed in the world's largest pork producer.
Soybean prices rose for a third straight session and
hit a level unseen since Jan. 21 at $13.85 a bushel, with
worries about the Brazilian soy harvest underpinning the market.
Rains disrupted harvest in Brazilian soybean-growing areas,
slowing down field work in the world's largest soy producer and
potentially delaying planting of the country's second corn crop.
Wheat was up 0.5% at $6.68-1/4 a bushel by 0430 GMT,
after hitting its highest since Jan. 21 of $6.70-3/4 a bushel
earlier in the session, on plans of higher export tax by major
Russia, one of the world's largest wheat exporters, said on
Tuesday it had formally approved a proposal to impose a higher
export tax on wheat from March 1 in another push to curb a rise
in domestic food prices triggered by the COVID-19 crisis.
(Reporting by Mai Nguyen; Editing by Subhranshu Sahu)