GRAINS-Corn falls 2 pct as wet weather set to help U.S crops

* Corn hits one-week low as dry weather fears ease

* Wheat hits near one-month low

* Soybean prices drop more than 1 percent

SYDNEY, July 24 (Reuters) - U.S. corn futures fell 2 percent on Monday to hit a one-week low as forecasts for rain eased fears of potential production losses. Wheat dropped almost 1.5 percent to a near one-month low, while Soybean prices declined more than 1 percent. The most active corn futures on the Chicago Board of Trade had fallen 2 percent to $3.85-3/4 a bushel by 0041 GMT, after earlier touching their lowest since July 17 at $3.84-3/4 a bushel. Corn closed down 2.8 percent in the previous session. "Dry weather has been the big concern and so this event (rains) will ease some fears," said Phin Ziebell, agribusiness economist, National Australia Bank. Rains are expected across the U.S. Midwest, a key producing region plagued by dry weather. The recent dry conditions have already damaged crops, data from the U.S. Department of Agriculture showed lat week. Supporting prices, China imported 380,000 tonnes of corn in June, nearly six times levels from the year before. The most active soybean futures were down 1.5 percent at $10.06-3/4 a bushel, after closing down 0.5 percent on Friday. The most active wheat futures dropped nearly 1.35 percent to $4.92-1/2 a bushel. That was near the session-low of $4.91-3/4 a bushel, the weakest since June 29. Wheat prices have eased in recent days despite mounting concerns about U.S. high protein wheat supplies amid the dry weather. While the wet weather will aid crops, analysts expect yields to remain reduced.

Grains prices at 0041 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 492.50 -6.75 -1.35% -2.62% 500.41 38 CBOT corn 385.50 -8.00 -2.03% -4.76% 395.04 42 CBOT soy 1006.75 -15.50 -1.52% -1.97% 971.89 51 CBOT rice 11.92 -$0.06 -0.54% +0.46% $11.76 62 WTI crude 45.66 -$0.11 -0.24% -2.42% $45.09 44


Euro/dlr $1.167 $0.001 +0.10% +0.38% USD/AUD 0.7914 0.000 +0.04% -0.54%

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

(Reporting by Colin Packham)