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GRAINS-Corn, wheat bounce from 3-month lows on short-covering

* Corn, wheat post strongest gains in a month

* Weather worries in U.S., Russia fuel gains in HRW wheat

(Rewrites throughout, adds quotes, updates prices, changes byline, changes dateline from PARIS/SINGAPORE)

CHICAGO, June 6 (Reuters) - U.S. corn futures jumped 1.5 percent on Friday in the strongest gains in a month on technical buying and short-covering after sinking to a three-month low the previous day. Still, they remained on pace for a fourth straight weekly decline.

Hard red winter wheat futures surged more than 2 percent on concerns about adverse weather in some key production areas, including Russia's Volga Valley and the southern U.S. Plains. The rally helped to lift soft red winter wheat from three-month lows.

Soybean futures were mixed, with nearby contracts shedding some of their premium to deferred months.

"We've taken significant value out of both corn and wheat," said Jefferies Bache analyst Shawn McCambridge. "This week the interest in continuing to push this market down was starting to wane."

Corn fell in each of the previous six sessions as benign conditions for recently planted maize have raised expectations for a record harvest this year.

Wheat has also been pressured as the northern hemisphere's harvest neared and as U.S. supplies have struggled to compete on the global market with cheaper grain from other origins.

Some traders said the recent pullback in wheat had been overdone in view of crop risks in the southern United States and Russia.

Wheat yields in the drought-stressed HRW wheat belt had been expected, but rains this week raised concerns about quality damage to the maturing crop. Meanwhile, hot and dry conditions stressed crops in Russia's Volga Valley.

Chicago Board of Trade July corn rose 6-1/2 cents, or 1.5 percent, to $4.55-1/2 a bushel by 10:04 a.m. CDT (1504 GMT). It earlier slipped to $4.47, the lowest front-month price since Feb. 27, but climbed back above the key technical support level of $4.50.

CBOT July SRW wheat added 7-3/4 cents, or 1.3 percent, to $6.13-1/2 a bushel after earlier sinking to $6.03, its lowest since Feb. 28. July HRW wheat gained 15 cents to $7.29 a bushel, a 2.1 percent gain that was the steepest since May 2.

CBOT July soybeans fell 2 cents to a 2-1/2 week low of $14.58-1/2 a bushel.

Commodity fund rolling of nearby positions to deferred months was expected to continue on Friday. Deutsche Bank is in the fourth day of its five-day commodity index fund roll, and the S&P GSCI fund begins its five-day roll on Friday.

RIC Name Last Pct Chg Net Chg Close

1Cc1 CORN JUL4 455.5 1.45 6.5 449 1Sc1 SOYBEANS JUL4 1459.25 -0.09 -1.25 1460.5 1SMc1 SOY MEAL JUL4 488.7 -0.39 -1.9

490.6

1BOc1 SOYBEAN OIL JUL4 39.19 1.29 0.5

38.69

1Wc1 WHEAT SRW JUL4 614 1.36 8.25

605.75

1RRc1 ROUGH RICE JUL4 14.12 0.28 0.04

14.08

BL2c1 M.WHEAT EUR NOV4 193 1.05 2 191 CLc1 LIGHT CRUDE JUL4 102.71 0.22 0.23

102.48

.DJI DJ INDU AVERAGE 16901.08 0.39 64.97 16836.11 XAU= GOLD 1249.96 -3.33 1253.29 .BADI BALTIC EXCH DRY 989 1.23 12 977 .DXY US DOLLAR INDEX 80.461 0.11 0.09

80.371

(Additional reporting by Gus Trompiz in Paris and Naveen Thukral in Singapore; Editing by Joseph Radford, Dale Hudson and Lisa Von Ahn)