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GRAINS-Wheat climbs to 1-week high on U.S. dryness; soybeans rebound

* Wheat rises for 5th session as dry weather hurts U.S. crop

* Soybeans up, but threat of U.S.-China trade war caps gains

SINGAPORE, March 26 (Reuters) - Chicago wheat rose for a fifth consecutive session on Monday, climbing to a one-week high as concerns over dry weather in the U.S. southern Plains underpinned the market. Soybeans bounced back after closing marginally lower on Friday, although gains were capped by the threat of a U.S.-China trade war hurting demand for U.S. cargoes. The Chicago Board of Trade most-active wheat contract rose 0.5 percent to $4.62-3/4 a bushel by 0245 GMT, after hitting its highest since March 19 at $4.63-3/4 a bushel. Soybeans gained 0.7 percent to $10.35-1/4 a bushel and corn advanced 0.7 percent to $3.80 a bushel. The wheat market is finding support in dry weather in key U.S. winter crop regions. "U.S. hard red winter (HRW) wheat crops remain at risk of falling yields," said Tobin Gorey, director of agricultural strategy at Commonwealth Bank of Australia. "The HRW crop regions did get a little rain last week but not enough where it was most needed." Soybeans closed marginally lower on Friday on worries about trade issues with China, the world's top soybean importer, a day after U.S. President Donald Trump announced tariffs on up to $60 billion of Chinese goods. However, soybeans were not on China's list of American goods that could be subject to extra duties in response to U.S. tariffs. China is projected to import 97 million tonnes of soybeans in the 2017/18 marketing year and 100 million in 2018/19, according to the U.S. Department of Agriculture. Those totals cannot be met by South American suppliers alone, analysts say, making it less likely that China would retaliate against U.S. soybeans. Soybean prices have drawn support from crop losses in drought-hit Argentina, the world's top soymeal exporter. The Buenos Aires grains exchange last week cut its estimate of the country's soy harvest to 39.5 million tonnes from 42 million tonnes previously. The focus is shifting to U.S. growing season. Farmers are likely to plant a record 91.5 million acres of soybeans in 2018 and 90 million acres of corn, according to a Farm Futures survey of nearly 1,400 growers released on Friday. Large speculators cut their net long position in CBOT corn futures in the week to March 20, regulatory data released on Friday showed. The Commodity Futures Trading Commission's weekly commitments of traders report also showed that non-commercial traders, a category that includes hedge funds, increased their net short position in CBOT wheat and cut their net long position in soybeans.

Grains prices at 0245 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 462.75 2.50 +0.54% +1.54% 477.67 42 CBOT corn 380.00 2.75 +0.73% +1.06% 380.69 55 CBOT soy 1035.25 7.00 +0.68% +0.53% 1043.45 51 CBOT rice 12.34 -$0.02 -0.16% +0.12% $12.34 55 WTI crude 65.53 -$0.35 -0.53% +1.91% $62.14 69

Currencies

Euro/dlr $1.237 $0.002 +0.14% +0.55% USD/AUD 0.7722 0.003 +0.34% +0.40%

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

(Reporting by Naveen Thukral Editing by Kenneth Maxwell)