GRAINS-U.S. soy up 1 pct on planting delays, strong demand

* Soybeans up nearly 1 pct, rise for 4th straight day

* Strong demand, planting delays bullish for soybeans

* Corn, wheat firm on spillover strength from soy

* Rising stocks, economic optimism support CBOT grains (Adds details, quotes)

SINGAPORE, June 19 - U.S. soybean futures rose nearly 1 percent on Friday, gaining for the fourth straight session as steady exports and planting delays supported the market amid renewed hopes over the economy.

Reflecting fresh optimism for an economic turnaround, Asian equity markets followed gains in Wall Street, where the Dow and S&P 500 broke a three-day losing streak on positive job and regional manufacturing reports. [.N]

Soybeans were supported by stronger-than-expected U.S. exports, which could further tighten old-crop supplies, now estimated at 110 million bushels or less than two weeks' supply on August 31.

Soybean exports were 250,700 tonnes in the latest reporting week, compared with analysts' expectation of 50,000 to 250,000 tonnes. [ID:nAPI000643] [ID:nN18338709]

Adding to that bullish tone is rains is the Midwest that are frustrating farmers in areas east of the Mississippi River who need to finish soybean planting. [WEA/MDWST]

The key crop states of Illinois and Indiana, which together grow a quarter of the U.S. soy crop, have some 3.3 million acres (1.3 million hectares) of soybeans yet to seed -- about 23 percent of their planned acreage. Usually, more than 90 percent of the acreage is planted by this time.

"I just think the correction is over and it's time for soybeans to move upward as the bullish story is not over," said Paul McKay, a director with Commodity Broking Services in Australia.

"Exports are great news if you are bullish on soybeans. And if they are still planting, obviously the new crop is going to be delayed and there is going to be more pressure on the old crop."

Chicago Board of Trade July soy rose 0.9 percent $12.24-½ a bushel by 0331 GMT.

China's Dalian soybean futures , which typically track benchmark CBOT futures, fell on Friday as the market was under pressure from talk that the government was likely to release its stockpiles into the market.

"I have not got any confirmed information on China's plan to release its soybeans, but it is a certain thing," said Shao Yuanhui, an analyst at Bohai Futures in Dalian.

While July wheat rose half a percent to $5.63-1/4, corn gained 0.7 percent to $4.06-¼ a bushel.

Analysts expect the wheat market to come under pressure from harvest, but poor yields in some areas and rising soybean prices will limit losses.

Harvesting in the top U.S. wheat-growing state of Kansas was accelerating amid hot and dry weather, but yields were reported low, under 30 bushels an acre, in many south-central areas of the state. PRICES AT 0331 GMT Contract Last Change Pct chg Day ago pct MA 30 RSI CBOT wheat 563.25 3.00 +0.54% -0.49% 600.24 41 CBOT corn 406.25 3.00 +0.74% -0.37% 426.00 42 CBOT soy 1224.50 10.75 +0.89% +1.51% 1191.48 59 CBOT rice $12.60 $0.21 +1.74% +2.36% $12.35 48 WTI crude $71.43 $0.06 +0.08% +0.56% $65.31 69 Currencies Euro/dlr $1.391 $0.001 +0.05% -0.22% USD/AUD 0.800 0.001 +0.08% +0.91% Front month contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight