GRAINS-Wheat falls 2 pct on profit-taking; corn and soybeans firm

(New throughout; updates prices, adds quotes, changes byline, changes dateline from previous PARIS/SYDNEY) CHICAGO, June 26 (Reuters) - Chicago Board of Trade wheat prices fell about 2 percent on Monday, extending their slide to four sessions on profit-taking after a run-up to one-year highs last week, analysts said. Corn and soybeans rose in a light recovery bounce from multi-month lows set last week, and Minneapolis Grain Exchange spring wheat set a 2-1/2 year high on worries about stressful weather hurting production. As of 1:03 p.m. CDT (1803 GMT), CBOT July wheat was down 8-1/2 cents at $4.51-1/4 per bushel. July corn was up 1-3/4 cents at $3.59-1/2 a bushel and July soybeans were up 4 cents at $9.08-1/2 a bushel. Wheat posted the biggest percentage move, retreating after the CBOT July contract reached $4.74-3/4 last week, the highest spot price in a year. "The wheat price in Chicago has fallen (...) as part of a consolidation process following a steep rise," Commerzbank analysts said in a note. Also bearish, the weekly supplemental report from the U.S. Commodity Futures Trading Commission showed large speculators slashed their net short position in wheat to 75,448 contracts by June 20, the smallest since February. MGEX spring wheat rose, bucking declines in CBOT wheat. MGEX July reached $6.75 a bushel, the highest spot spring wheat price in 2-1/2 years, on worries about dry weather hurting yields in the northern U.S. Plains. "There is still evidence of (spring) wheat being torn up. People have come to the conclusion that the only high-protein wheat you can guarantee yourself is taking delivery of Minneapolis July (futures)," said Roy Huckabay with Linn & Associates, a Chicago brokerage. Corn and soybeans firmed despite forecasts for welcome rains in the U.S. Midwest this week, and expectations for an improvement in weekly U.S. Department of Agriculture crop ratings. Traders were adjusting positions ahead of the USDA's June 30 acreage and quarterly stocks reports, which have a history of jolting the market. "We are just unwinding positions ahead of Friday," said Bill Gentry, a broker at Risk Management Commodities. "The market is probably a little oversold and needs to recover. But making a bullish case at this point in time is kind of difficult," Gentry said.

CBOT prices as of 1:10 p.m. CDT (1810 GMT):

Net Pct Volume

Last change change

CBOT wheat WN7 450.00 -9.75 -2.1 37470 CBOT corn CN7 359.00 1.25 0.4 179818 CBOT soybeans SN7 907.00 2.50 0.3 57622 CBOT soymeal SMN7 293.70 0.10 0.0 39789 CBOT soyoil BON7 31.55 -0.06 -0.2 38210

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 Colin Packham in Sydney and Gus Trompiz in Paris; Editing by Susan Thomas and Diane Craft)