* Spring wheat climbs on forecasts for more dry weather
* Chicago wheat ends narrowly mixed
* Soybeans climb on bargain buying, export demand
* For the week, wheat, corn and soy post declines
(New throughout; updates prices, adds quotes; changes byline, dateline, previous LONDON) CHICAGO, June 2 (Reuters) - U.S. spring wheat futures set a 5-1/2-month high on Friday, buoyed by expanding dryness in the northern Plains production belt, analysts said. Minneapolis Grain Exchange July spring wheat settled up 5 cents at $5.83-3/4 per bushel after reaching $5.90, the highest spot price since mid-January. The spot contract has not traded above $5.90 since July 2015. Chicago Board of Trade wheat settled mixed, with nearby contracts lifted by strength in spring wheat. CBOT soybeans rose on bargain buying after new lows set this week, and corn followed the firm trend. Minneapolis spring wheat climbed as forecasts called for warm and dry weather in the northern U.S. Plains next week, potentially stressing newly planted spring wheat, even as excessive rains have swamped fields in the southern Plains and the Midwest. The weekly U.S. Drought Monitor, prepared by a consortium of climatologists, showed 24 percent of North Dakota was in "moderate drought" by May 30, up from 6 percent a week earlier. North Dakota is by far the top U.S. spring wheat producer. The Drought Monitor "certainly lit a fire under the Minneapolis market," said Terry Reilly, senior commodity analyst with Futures International in Chicago. "It is concerning," he said, "especially after the initial spring wheat ratings came in so low." The U.S. Department of Agriculture this week rated 62 percent of the U.S. spring wheat crop as good to excellent, down significantly from 79 percent a year earlier. CBOT soybeans rose on export demand and technical buying after the spot contract this week fell to $9.09-1/2 a bushel, its lowest level in a year. Weekly USDA export sales data for soybeans came in above trade expectations, and the government through its daily reporting system said private exporters sold 200,000 tonnes of U.S. soybeans to Spain, which has struggled with drought.
"That soybean sale to Spain is a sobering reminder that the drought is really affecting their supply. They are covering themselves in anticipation of a shortfall," Reilly said. Still, CBOT July soybeans ended the week down 5-1/4 cents or 0.6 percent. July corn fell 1-1/2 cents or 0.4 percent for the week and July wheat lost 8-3/4 cents a bushel or about 2 percent. CBOT corn firmed Friday on spillover strength from soybeans and short-covering ahead of the weekend. Additional support stemmed from a weaker dollar, which in theory makes U.S. grains more attractive to those holding other currencies. The U.S. dollar index fell after a weaker-than-expected jobs report.
CBOT settlement prices:
Last Net Pct Volume
CBOT wheat WN7 429.50 0.50 0.1 51791 CBOT corn CN7 372.75 2.25 0.6 114144 CBOT soybeans SN7 921.25 9.00 1.0 76604 CBOT soymeal SMN7 301.90 4.40 1.5 41930 CBOT soyoil BON7 31.01 -0.24 -0.8 52916
NOTE: CBOT wheat, corn and soybeans shown in cents per bushel, soymeal in dollars per short ton and soyoil in cents per lb.
(Additional reporting by Nigel Hunt in London and Naveen Thukral in Singapore; editing by David Clarke and Diane Craft)