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GRAINS-U.S. soy sets 4-month top, corn eases ahead of USDA data

* Weather worries lift soybean futures

* Corn down on profit-taking after one-year highs

* Wheat ends higher a day ahead of monthly USDA reports

(New throughout; updates prices, adds quotes, changes byline, changes dateline from previous HAMBURG) CHICAGO, July 11 (Reuters) - U.S. soybean futures hit a four-month high Tuesday on worries about stressful crop weather in the Midwest and as traders squared positions one day ahead of monthly reports from the U.S. Department of Agriculture. Corn futures ended fractionally lower on profit-taking after a one-year high, while wheat ended higher after a seesaw trade. Chicago Board of Trade August soybeans settled up 4-1/2 cents at $10.29-1/4 per bushel after reaching $10.32-1/2, the contract's highest since March 9. CBOT September corn ended down 1/4 cent at $4.01-3/4 a bushel after hitting its highest since June 2016. September wheat finished up 3 cents at $5.53 a bushel. Forecasts for dry conditions in the Midwest next week and hot weather later this month supported soybeans and underpinned corn. "There is no doubt we are finding support from next week being a dry week. That's underpinning everything," said Dan Cekander of DC Analysis. The USDA late Monday rated 62 percent of the U.S. soybean crop in good to excellent condition, down from 64 percent the previous week and below an average of analyst expectations.

Corn ratings fell even more, with the USDA rating 65 percent of the crop as good to excellent, down from 68 percent a week earlier. Corn and soybeans were pressured in early moves as unexpected rains crossed parts of Iowa and Illinois, the top U.S. corn states, early Tuesday. The showers brought welcome moisture at a time when corn has begun pollinating, the key phase for determining yields. But both markets pared losses as the session wore on, supported by fears of hot and drier conditions in the coming weeks if a drought in the northern Plains expands. Traders were also adjusting positions ahead of the USDA's July supply/demand reports on Wednesday. Analysts surveyed by Reuters expect the government to lower its forecasts of U.S. soybean ending stocks for the 2016-17 and 2017-18 marketing years, and cut its estimate of U.S. 2017-18 total wheat production. "There should however be sizable downward revisions to wheat production due to acreage and yield losses in the U.S. while also some other key exporting regions have had poor weather including west Europe, Ukraine and Australia," said Stefan Vogel, head of agricultural commodity markets research at Rabobank.

CBOT settlement prices:

Last Net Pct Volume

change change

CBOT wheat WU7 553.00 3.00 0.5 91544 CBOT corn CU7 401.75 -0.25 -0.1 161788 CBOT soybeans SQ7 1029.25 4.50 0.4 39382 CBOT soymeal SMQ7 338.70 0.50 0.1 21061 CBOT soyoil BOQ7 33.81 0.13 0.4 32657

NOTE: CBOT September wheat, September corn and August soybeans shown in cents per bushel, August soymeal in dollars per short ton and August soyoil in cents per lb.

(Additional reporting by Michael Hogan in Hamburg and Colin Packham in Sydney; Editing by Edmund Blair and Jonathan Oatis)