GRAINS-Wheat jumps 4 percent to highest in nearly two years

* Wheat prices firm as adverse weather threatens US output

* Soybeans extend two-day gains to 6.5 pct

* Corn prices climb 1.5 percent

SYDNEY, July 3 (Reuters) - U.S. wheat prices jumped 4 percent on Monday to hit their highest in nearly two years as forecasts for continued dry weather in key U.S. growing regions stoked fears over possible production losses. Soybeans climbed more than 2 percent to extend two-day gains beyond 6.5 percent, while corn advanced 1.5 percent. The most active wheat futures on the Chicago Board of Trade had risen 4 percent to $5.47-1/4 a bushel by 0045 GMT, the highest since July 20, 2015. "U.S. spring wheat is frying and this threatens to further reduce production, beyond (forecasts by) the U.S. Department of Agriculture," said Andrew Woodhouse, grains analyst at Advance Trading Australasia. The U.S. Department of Agriculture (USDA) on Friday cut its estimate of U.S. spring wheat plantings to 10.9 million acres, down from its March forecast of 11.3 million and below a range of trade expectations. It projected harvested acres at 10.5 million. The most active soybean futures had climbed 2 percent to $9.74-1/4 a bushel on Monday, near the session-high of 9.78 a bushel, the highest since May 17. Soybeans rose 4.3 percent on Friday. Analysts said soybeans were drawing support from the USDA's lower-than-expected estimates for plantings and June 1 stocks. The estimate for soybean plantings came in at 89.513 million acres, compared with the 89.482 million acres predicted in March. The most active corn futures rose 1.7 percent to $3.87-1/2 a bushel, having closed up 3.2 percent on Friday. Gains in corn, however, were capped by a larger-than-expected U.S. plantings and quarterly stocks figures, analysts said. The USDA said farmers planted 90.886 million acres of corn, up 890,000 acres from the government's March forecast. Analysts had been expecting corn plantings of 89.903 million acres, according to the average of analysts estimates in a Reuters poll.

Grains prices at 0045 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 547.25 21.25 +4.04% +10.33% 466.74 87 CBOT corn 387.50 6.50 +1.71% +4.66% 382.68 64 CBOT soy 974.25 19.50 +2.04% +5.35% 937.82 77 CBOT rice 11.68 -$0.14 -1.14% -1.89% $11.53 61 WTI crude 46.23 $0.19 +0.41% +2.89% $46.36 65


Euro/dlr $1.142 -$0.00 -0.06% -0.21%


USD/AUD 0.7687 0.000 +0.01% +0.07%

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

(Reporting by Colin Packham; Editing by Joseph Radford)