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GRAINS-Wheat retreats from 1-year high, but output concerns support

* Wheat falls after rally of nearly 3 pct on Friday

* Corn jumps nearly 1 pct, rebounds from 3-month low

* Soybeans rally nearly 0.5 percent

SYDNEY, June 26 (Reuters) - U.S. wheat futures fell 0.5 percent on Monday, retreating from a one-year high, although fears of global production losses underpinned prices. Corn rose 1 percent, rebounding from a near three-month low touched in the previous session, while soybeans rose nearly 0.5 percent. The most active wheat futures on the Chicago Board Of Trade fell 0.4 percent to $4.71-3/4 a bushel by 0258 GMT, having closed up 2.7 percent on Friday when prices hit a high of $4.80-1/2 a bushel - the highest since June 2016. Despite the price decline, the market remains nervous amid forecasts for unfavourable weather in key producing regions in the United States. "We think a higher turn in temperatures without almost immediate rainfall relief would trigger another round of cuts to crop forecasts," said Tobin Gorey, director of agricultural strategy, Commonwealth Bank of Australia. With production of high protein U.S. wheat likely curtailed stoked by reports protein levels in lower quality crops were the lowest in years. Concerns over French production also lent support, with the state of French soft wheat declining sharply in the week to June 19, data from farming agency FranceAgriMer showed, suggesting crops were already suffering from dry conditions before a heatwave last week. The most active corn futures rose 0.9 percent to $3.61 a bushel, having closed down 1.4 percent in the previous session when prices hit a low of $3.56-1/2 a bushel - the lowest since March 31. The most active soybean futures rose 0.4 percent to $9.08-1/4 a bushel, having closed little changed on Friday. Corn is under pressure from forecasts for largely benign weather across key U.S. growing regions, analysts said. Traders were also readying for the next U.S. Department of Agriculture's quarterly U.S. grain stocks report on June 30. Analysts expect the USDA to peg corn stocks as of June 1 at 5.123 billion bushels, the largest June 1 stocks since 1988 and the third-highest in records dating to the 1920s. Traders expect soybeans stocks of 983 million bushels - the highest June 1 figure since 2007 and the third-highest on record.

Grains prices at 0258 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 471.75 -1.75 -0.37% +2.28% 442.03 55 CBOT corn 361.00 3.25 +0.91% -0.48% 372.99 33 CBOT soy 908.25 3.75 +0.41% +0.47% 934.08 28 CBOT rice 11.21 -$0.04 -0.40% +0.95% $11.11 50 WTI crude 43.45 $0.44 +1.02% +1.66% $47.03 36

Currencies

Euro/dlr $1.120 $0.000 +0.04% +0.41% USD/AUD 0.7578 0.001 +0.17% +0.49%

Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential

(Reporting by Colin Packham; Editing by Richard Pullin)