* Wheat near highest in 7 months on U.S. weather woes
* U.S. winter crop ratings decline as dry weather hurts
(Adds comment, detail) SINGAPORE, Feb 27 (Reuters) - Chicago wheat prices rose for a fourth consecutive session on Tuesday, trading near a seven-month high as the condition of the U.S. winter crop declines following dry weather, threatening to curb yields. Soybeans were little changed after closing marginally lower on Monday, with concerns over lack of rains in Argentina underpinning prices. The most-active wheat contract on the Chicago Board of Trade had climbed 0.4 percent to $4.74-3/4 a bushel by 0301 GMT. The market earlier in the day climbed to $4.76-3/4 a bushel, matching Monday's peak which was the highest since Aug. 1. Soybeans were unchanged at $10.46 a bushel, having closed down 0.1 percent on Monday. Corn was also flat at $3.68-1/2 a bushel, after gaining 0.6 percent in the previous session. "Dry weather in the U.S. is a cause for concern," said an India-based agricultural commodities analyst. "Crop ratings for the winter wheat crop are significantly lower and weather forecasts for the next 15 days are not encouraging." Condition ratings for winter wheat declined in February across most U.S. Plains states, including top producer Kansas, the U.S. Department of Agriculture said on Monday, underscoring the effect of drought in the region. The government rated 12 percent of the Kansas winter wheat crop in good-to-excellent condition, down from 14 percent at the end of January and below last year's 43 percent. The USDA rated 4 percent of the Oklahoma wheat crop as good-to-excellent, unchanged from the end of January but down from 43 percent a year earlier. In addition, severe cold in Europe fueled further weather concerns for wheat supplies. The soybean market is being supported by dry weather in Argentina, which is expected to take a toll on supplies in the world's third largest exporter of the oilseed. Parched Argentine fields are expected to receive about 15 millimeters of rain in the coming days, short of the 100 millimeters needed to reverse some of the damage to crops, said Meteorologist Germán Heinzenknecht of the Applied Climatology Consultancy. Brazilian soybean farmers, however, are expected to harvest a record 117.5 million tonnes of soybeans in the 2017/18 crop cycle, a top executive at Brazil-based consultancy Agroconsult said on Friday. Commodity funds were net buyers of CBOT corn, wheat, soymeal and soyoil futures contracts on Monday, traders said.
Grains prices at 0301 GMT
Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 474.75 2.00 +0.42% +5.21% 444.84 63 CBOT corn 368.50 0.00 +0.00% +0.48% 360.41 64 CBOT soy 1046.00 0.00 +0.00% +0.26% 1007.56 75 CBOT rice 12.12 $0.02 +0.17% +0.79% $12.23 33 WTI crude 63.88 -$0.03 -0.05% +0.52% $63.19 69
Euro/dlr $1.234 $0.004 +0.34% +0.05% USD/AUD 0.7852 0.001 +0.13% +0.09%
Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential
(Reporting by Naveen Thukral Editing by Joseph Radford)