(Recasts; updates prices, adds quotes, changes byline, changes

dateline from previous PARIS/SINGAPORE)

* Soymeal climbs after USDA confirms export sales to

Italy

* Corn, wheat pressured by ample global supplies

* Wheat down 4.5% this week, biggest weekly loss since

late June

By Julie Ingwersen

CHICAGO, April 10 (Reuters) - Chicago soybeans hit a

two-week high on Friday and soymeal futures surged more than 4%

on firm cash markets and news of an unusual sale of U.S. soymeal

to Italy, analysts said.

Corn and wheat futures drifted lower as market players

digested increased forecasts for global stocks of both grains in

a monthly report released by the U.S. Department of Agriculture

on Thursday.

As of 12:58 p.m. CDT (1758 GMT) on Friday, Chicago Board of

Trade May soybeans were up 13 cents, or 1.1%, at

$11.78-1/4 per bushel after reaching $11.79-1/4, the contract's

highest price since March 26. CBOT May soymeal was up

$16.20, or 5.1%, at $333.80 per short ton.

CBOT May corn was down 2 cents at $4.42 a bushel and

May wheat was down 2-1/2 cents at $5.72 a bushel.

Soymeal and soybean futures jumped after the USDA confirmed

private sales of 100,000 metric tons of U.S. soymeal, used in

livestock feed, to Italy.

"A lot of it has to do with Italy buying some soybean meal.

They are not a usual buyer of U.S. soybean meal, so that seems

to have set the thing off," said Jack Scoville, vice president

of Chicago-based Price Futures Group.

The USDA on Thursday reported strong soymeal sales for the

week ended April 2, and sales for the 2025/2026 season to date

are 16% ahead of the same time last year. Cash basis offers for

soymeal firmed on Friday at several crushing plants in the U.S.

Midwest.

CBOT corn and wheat declined after the USDA's monthly

supply and demand report on Thursday confirmed plentiful U.S.

and global grain supplies.

Meanwhile, rains were slowing fieldwork in a few areas as

farmers were starting to plant corn in the U.S. Midwest.

"Some of the farmers are complaining," Scoville said,

noting that some growers prefer to begin seeding by mid-April.

"But they will get over it. Having too much rain generally works

out to everybody's benefit in the long run."

The U.S. corn crop was 3% planted as of April 5, according

to the USDA, which will release an updated weekly progress

report on Monday.

CBOT wheat fell for a third consecutive day and was on

track for its biggest weekly drop since late June, reflecting

global supplies and competition for export business.

Much-needed rain was falling on Friday in parts of the

Southern Plains where winter wheat has struggled with drought,

but moisture shortfalls were expected to persist in western

areas, a factor that supported K.C. hard red winter wheat

futures.

For the week, CBOT wheat was down 4.5%, its biggest weekly drop

since late June, corn fell 2.4% and soybeans were up 1.1%.