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GRAINS-Corn, soy surge as U.S. farmers plant fewer acres than expected

* USDA issues crop acreage, grain stocks data

* Traders expected more U.S. corn, soy plantings

* Corn futures briefly climb by daily limit (New throughout, adds USDA data, latest prices, analyst comments, changes byline/dateline from SINGAPORE/PARIS)

CHICAGO, June 30 (Reuters) - Chicago Board of Trade grain and soybean futures surged on Wednesday after the U.S. Department of Agriculture surprised traders with lower-than-expected plantings estimates and inventory data.

Corn futures temporarily climbed by their daily exchange-imposed limit after the USDA pegged plantings of the crop at 92.692 million acres, below analysts’ expectations for 93.787 million acres. The agency said soybean plantings were 87.555 million, compared to analysts’ expectations for 88.955 million.

The U.S. estimates fueled global supply concerns as inventories are slim and growing areas in North and South America are grappling with unfavorable weather.

“We needed higher acres to give us a buffer and it went the wrong way,” said Don Roose, president of Iowa-based brokerage U.S. Commodities.

The most-active corn futures contract on the Chicago Board of Trade (CBOT) was up 35-1/2 cents at $5.84 a bushel by noon CDT (1700 GMT) after briefly rising the 40-cent daily limit.

Soybean futures were up 77 cents at $13.90 a bushel, while wheat jumped 23-3/4 cents to $6.70 a bushel.

The gains were a turnaround from losses across the markets before the USDA released its plantings and stocks data at 11 a.m. CDT.

“There is simply no margin of error for bad weather, and we do have bad weather,” said Arlan Suderman, chief commodities economist for broker StoneX.

In its quarterly stocks report, the USDA said domestic corn supplies on June 1 stood at 4.122 billion bushels, the lowest for that date since 2014. Soybean stocks came in at a six-year low of 767 million and wheat stocks were 844 million, also the lowest in six years.

Analysts had predicted corn stocks of 4.144 billion, soybean stocks of 787 million and wheat stocks of 859 million.

For soybean stocks, the United States is “already on the ventilator at 20 million bushels less than we thought,” Roose said. (Reporting by Tom Polansek in Chicago, Naveen Thukral and Sybille de La Hamaide. Additional reporting by Karl Plume and Chris Walljasper in Chicago. Editing by Kirsten Donovan and Mark Potter)

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