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GRAINS-Wheat up for 2nd day on support from U.S., Australian weather

* Dry weather in Australia, U.S. supports Chicago wheat

* Corn unmoved after rally, rains seen delaying planting

(Adds details, quotes) SINGAPORE, May 16 (Reuters) - Chicago wheat futures rose for a second session on Wednesday with prices underpinned by dry weather in key exporters the United States and Australia. Corn futures were little changed after hitting a six-day high earlier in the session as forecasts for rains stoked concerns of planting delays. The most-active wheat contract on the Chicago Board Of Trade gained 0.2 percent to $4.94-1/2 per bushel while soybeans were down 0.6 percent to $10.12-3/4 a bushel. Corn was unchanged at $4.02-1/4 a bushel, near the session high of $4.03-1/4, the highest since May 10. Corn gained 1.5 percent in the previous session. "Chicago wheat is undervalued right now, when you look at the global supply outlook," said Ole Houe, an analyst with brokerage IKON Commodities in Sydney. "We have issues with crops in the United States and Australia." Australian farmers are planting wheat in some of the driest soils in years, following on from a severe drought that cut 2017/18 output in the world's fourth-largest exporter to the lowest in a decade. U.S. hard red winter wheat crop has suffered from dry weather although the U.S. Department of Agriculture on Monday said the crop was rated 36 percent good to excellent as of May 14, up 2 percentage points from a week earlier. The corn market is expected to receive support if forecast rains delay the last leg of planting in the U.S. Midwest. The USDA pegged corn planting progress at 62 percent, up from 39 percent a week earlier. The five-year average for mid-May is 63 percent. The U.S. soybean crush in April jumped by almost 16 percent from the same month a year ago as soybean plants processed their largest-ever volume of beans for the month of April, the National Oilseed Processors Association said. Commodity funds were net buyers of CBOT corn and wheat contracts on Tuesday, traders said. They were net sellers of soybeans, soymeal and soyoil.

Grains prices at 0304 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 494.50 1.00 +0.20% -0.85% 498.20 45 CBOT corn 402.25 0.00 +0.00% +1.45% 397.43 67 CBOT soy 1012.75 -6.00 -0.59% +0.95% 1040.79 46 CBOT rice 12.51 $0.03 +0.20% -1.15% $12.99 50 WTI crude 71.09 -$0.22 -0.31% +0.18% $68.09 65

Currencies

Euro/dlr $1.183 -$0.011 -0.95% -0.71% USD/AUD 0.7468 -0.007 -0.98% -0.85%

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

(Reporting by Naveen Thukral; Editing by Gopakumar Warrier)