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BEIJING: Chicago soybean futures extended gains on Monday, rising for a fifth consecutive session, as likely dry South American weather is expected to hit production.

The most-active soybean contract on the Chicago Board of Trade (CBOT) was up 0.2% at $12.88 per bushel around 0328 GMT on Monday. It had earlier hit a three-month top of $12.98 per bushel on Friday.

The Buenos Aires grains exchange said last week that Argentina's central farm belt was set for very high temperatures in the coming days, followed by moderate to heavy rains.

This comes after it warned recently about the impact of the likely dry weather on soybean and corn production, with lower-than-normal rainfall due to the La Niña climate pattern expected during the region's summer.

Meanwhile, corn was slightly down 0.1% at $5.93 a bushel. The wheat contract slipped 0.3% at $7.72-1/2 a bushel, after two earlier sessions of gains.

The world's largest wheat exporter, Russia, plans to set its export quota at 8 million tonnes, the country's economy ministry said on Friday, 1 million tonne lower than previously planned.

Russia's wheat export tax formula will have a higher multiplier if prices rise to $375/t and the multiplier will rise further if prices reach $400/t, a proposal on the state website for laws and regulations showed.

The Argentine government capped the volume of corn and wheat for the 2021/22 cycle that can be exported, in a bid to head off domestic grain shortages and tamp down rising food values as it battles high inflation.

Chinese importers have made more purchases of French wheat and barley this week following a slide in prices, with around 10 large vessels thought to have been booked, five European traders said.

Commodity funds were net buyers of Chicago Board of Trade soymeal, soybean, corn and wheat futures contracts on Friday and net sellers of soyoil futures, traders said. r

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