Soybeans hit six-week high as rains delay US harvest

CHICAGO, Oct 08 (Reuters): Chicago soybean prices rose for a second consecutive session on Monday, hitting their highest in more than six weeks as rains in parts of the US Midwest delay the harvest of what is expected to be a record crop.

Wheat gained more ground as tightening supply in the Black Sea region is expected to push up demand for US shipments.

The most-active soybean contract on the Chicago Board of Trade was up 0.3 per cent at $8.71-1/4 a bushel by 0218 GMT, after earlier touching its highest since Aug. 22 at $8.75. Soybean prices firmed 1.1 per cent on Friday.

Wheat rose 0.6 per cent to $5.24 a bushel, adding to Friday's gain of 0.6 per cent. Corn was up 0.1 per cent at $3.68-3/4 a bushel, having gained 0.2 per cent in the last session.

Rains across the US Midwest are delaying harvesting and stoking fears of crop damage.

"Looks like soybeans are being supported by Midwest rains," said Ole Houe, director of advisory services at brokerage IKON Commodities in Sydney. "Unseasonal rains can damage the ripe soybean crop which is ready for harvest."

Soybeans dropped to a 10-year low last month as a trade war between Washington and Beijing curbs exports from the United States, the No. 2 supplier, to China, the world biggest importer.