* Soybeans up for 6th session, at highest since July 2016 * Chinese demand, worries over South American weather support (Updates prices, adds quote, details) By Naveen Thukral and Sybille de La Hamaide SINGAPORE/PARIS, Oct 26 (Reuters) - Chicago soybeans climbed to their highest in more than four years on Monday, rising for a sixth consecutive session, on the back of strong Chinese demand and dryness in parts of top producer Brazil. Corn retreated from a 14-month peak hit on Friday while wheat eased after sharp gains in the previous session. "China has been buying a lot more soybeans and corn than previously," said Phin Ziebell, agribusiness economist at National Australia Bank. "There are weather concerns for not just soybeans but across the grains complex." The most-active soybean contract on the Chicago Board of Trade was unchanged at $10.83-3/4 a bushel by 1200 GMT, after hitting a session peak of $10.89-3/4 a bushel - the highest since July 2016. Corn lost 0.5% to $4.17 a bushel, having climbed to its highest since August 2019 on Friday, while wheat fell 1.5% to $6.23-1/2 a bushel after jumping 1.6% in the previous session. China has stepped up purchases of U.S. agriculture products in recent months, with the country buying 9.8 million tonnes of soybeans from all origins in September, up 19% from a year earlier. The country's imports of soybeans from Brazil jumped 51.4% in September from a year ago, data showed on Sunday, as cargoes purchased earlier in the year cleared customs. Authorities in China are expected to issue more import quotas and buy millions of tonnes of additional corn in the new crop marketing year, three industry sources said, amid a surge in animal feed demand and tightening supplies. There are also worries about dry weather in Brazil where planting for soybeans is underway. Wheat fell back after rising on dry weather in key global producing regions, which has raised concerns about supply and prompted importers to step up purchases of the grain. Ukraine is likely to ship abroad most of its 2020/21 wheat export quota by March-April 2021, traders said on Friday. "Drier weather around the world continues to hurt global grain production and strong demand keep prices near contract highs. Traders will continue to watch weather maps in South America, fund activity and additional grain export sales this week," brokerage Allendale said in a note. Prices at 1200 GMT Last Change Pct End Ytd Move 2019 Pct Move CBOT wheat 623.50 -9.25 -1.46 558.75 11.59 CBOT corn 417.00 -2.25 -0.54 387.75 7.54 CBOT soy 1083.75 0.00 0.00 955.50 13.37 Paris wheat Dec 208.00 -1.75 -0.83 188.25 10.49 Paris maize Nov 198.00 1.50 0.76 174.75 13.30 Paris rape Nov 392.00 0.00 0.00 391.50 0.13 WTI crude oil 38.95 -0.90 -2.26 61.06 -36.21 Euro/dlr 1.18 0.00 -0.31 1.1210 5.46 Most active contracts - Wheat, corn and soy US cents/bushel, Paris futures in euros per tonne (Reporting by Naveen Thukral; Editing by Aditya Soni and Andrea Ricci)
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