*
Wet weather, snow seen delaying U.S. soybean, corn
planting
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Oil jumps $5/bbl as surprise OPEC+ output cuts jolt
markets
(Updates with European trading, changes byline/dateline)
By Gus Trompiz and Naveen Thukral
PARIS/SINGAPORE, April 3 (Reuters) - Chicago soybean and
corn futures rose to their highest in several weeks on Monday,
supported by concerns over U.S. planting and a jump in crude
oil.
Wheat also gained ground, buoyed by strength in corn as well
as risks to U.S. crops and Black Sea supply.
Soybeans had rallied on Friday after the U.S. Department of
Agriculture (USDA) projected 2023 soybean plantings at 87.5
million acres, near the low-end of estimates in a Reuters poll
of analysts.
The USDA also reported March 1 soy stocks down 13% from a year ago. Moreover, wet weather in the southern reaches of the U.S. crop belt and heavy snow in the Dakotas and Minnesota could delay plantings in the coming weeks. "U.S. conditions are not ideal for planting and we have bullish U.S. reports on planting intentions and stocks," a Singapore-based grains trader said. The weather risks led the corn market to play down the USDA's planting projection that pegged corn acreage above the average trade estimate. Oil prices, meanwhile, posted their biggest daily rise in nearly a year on Monday, after a surprise announcement by OPEC+ to cut more production jolted markets. "Crop prices were also supported by the crude oil's rally, with rising fuel prices spilling over to higher prices for biofuels produced from soybeans and corn," Saxon Bank analysts said. However, the oil rally also renewed worries about inflation and interest rate hikes that could dampen global demand. The most-active soybean contract on the Chicago Board of Trade (CBOT) was up 0.6% at $15.14 a bushel by 1056 GMT, after climbing earlier to its highest since March 9 at $15.17-1/4 a bushel. Corn added 0.7% to $6.65-1/4 a bushel, having risen to its highest since Feb. 23 earlier in the day at $6.67.
CBOT wheat was up 1.6% at $7.03-1/4 a bushel. Adverse weather in the northern U.S. Plains could hamper sowing of spring wheat, while winter wheat in southern parts of the Plains is enduring drought.
(Reporting by Gus Trompiz in Paris and Naveen Thukral in Singapore; Editing by Sherry Jacob-Phillips, Sona Cheema and Ed Osmond)
Messaging: gus.trompiz.thomsonreuters.com@reuters.net))