* Market fears severe impact to spring wheat yields, area
* CBOT wheat soars 5 pct, tracking spring wheat rally
* Corn, soybean follow firm trend; weak dollar supportive
(Recasts; updates prices, adds quotes; changes byline, dateline, previous PARIS/SINGAPORE) CHICAGO, June 29 (Reuters) - U.S. spring wheat futures charged to a new three-year high on Thursday, rising by about 7 percent on fears that continued dry conditions in the northern U.S. Plains would cut supply of high-protein milling wheat. The surge in spring wheat futures on the Minneapolis Grain Exchange (MGEX) also lifted Chicago Board of Trade wheat to a one-year high and buoyed corn and soybeans as well. As of 12:08 p.m. CDT (1708 GMT), CBOT July wheat was up 25-1/2 cents at $4.82-3/4 per bushel after reaching $4.83-1/2, the highest spot price in a year. CBOT July corn was up 4-1/4 cents at $3.61 a bushel and July soybeans were up 6 cents at $9.20 a bushel. MGEX July spring wheat was up 50-1/4 cents at $7.55 a bushel after reaching $7.59-3/4, the highest spot price since May 2014. The September contract briefly traded up its 60-cent daily limit to $7.68 before paring gains. "(Minneapolis) wheat took off higher today on week-over-week expansion in drought conditions across the northern Great Plains, smaller spring wheat area for Canada, and good high-protein USDA export sales data," said Terry Reilly, senior commodity analyst for Futures International. Statistics Canada estimated Canada's 2017 all-wheat seedings at 22.4 million acres, down from 23.2 million in 2016 and below an average of trade estimates for 22.7 million. The agency said Canadian farmers planted 15.8 million acres of spring wheat, down from its April planting intentions figure of 16.7 million.
The U.S. Department of Agriculture was scheduled to release updated U.S. plantings figures on Friday. Analysts expect the USDA to lower its U.S. spring wheat plantings estimate to 11.2 million acres, from its March forecast of 11.3 million.
The latest weekly U.S. Drought Monitor, released Thursday by a consortium of climatologists, showed "extreme drought" covering 25 percent of North Dakota, by far the top U.S. spring wheat producer, up from about 8 percent a week ago. Forecasts looked dire. "Dry weather over the next week will allow soil moisture to decline further, especially in North Dakota and eastern South Dakota," MDA Weather Services said in a note. CBOT corn and soybeans firmed with spillover support from wheat and weakness in the dollar countering benign weather conditions in the U.S. Midwest. Traders were squaring positions before Friday's USDA acreage and quarterly stocks reports, which have a history of triggering sharp price movements.
CBOT prices as of 12:09 p.m. CDT (1709 GMT):
Last Net Pct Volume
CBOT wheat Wc1 482.75 25.50 5.6 25304 CBOT corn Cc1 361.00 4.25 1.2 115306 CBOT soybeans Sc1 920.00 6.00 0.7 48255 CBOT soymeal SMc1 296.00 1.40 0.5 26972 CBOT soyoil BOc1 32.37 0.25 0.8 25337
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 Gus Trompiz in Paris and Naveen Thukral in Singapore; editing by Edmund Blair and Andrew Hay)