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GRAINS-Wheat rises 1% as heavy rains stoke fears of crop damage

SYDNEY, June 3 (Reuters) - U.S. wheat futures rose 1% on Monday as heavy rains across a key North American growing region stoked fears of potential crop losses.

FUNDAMENTALS

* The most active wheat futures on the Chicago Board Of Trade were up 1% at $5.08-1/4 a bushel by 0207 GMT, having closed down 2.2 percent on Friday.

* The most active soybean futures were up 0.7 percent to $8.84 a bushel GMT, having closed down 1.3 percent on Friday.

* The most active corn futures were up 0.2 percent to $4.27-1/4 a bushel, having closed down 2.1 percent in the previous session.

* Wheat has drawn support as heavy rains across the Midwest stoke fears of damage to U.S. crops, while corn has also risen on concerns about planting delays.

* Corn, wheat and soybean futures all fell on Friday, weighed down by fresh concerns about demand after U.S. President Donald Trump threatened to place tariffs on imports of goods from Mexico in response to illegal immigration.

* Trump said he will impose a tariff on all goods coming from Mexico starting at 5% and ratcheting higher until the flow of illegal migrants cease.

* The Trump administration on Friday lifted restrictions on the sale of higher ethanol blends of gasoline, keeping a campaign promise to farmers suffering from the trade war with China but drawing a legal threat from the oil industry.

MARKET NEWS

* The yen brushed a more than four-month high against the dollar on Monday as U.S. President Donald Trump's hard stance on trade broadened to countries beyond China, forcing investors to safe-haven assets, including government bonds.

* Oil prices fell more than 1% on Monday, extending losses of over 3% from Friday, when crude markets racked up their biggest monthly losses in six months amid stalling demand and as trade wars fanned fears of a global economic slowdown.

DATA/EVENTS (GMT)

0750 France Markit Mfg PMI May0755 Germany Markit/BME Mfg PMI May0800 EU Markit Mfg Final PMI May0830 UK Markit/CIPS Mfg PMI May1400 US ISM Manufacturing PMI May

Grains prices at 0207 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSICBOT wheat 508.25 5.25 +1.04% -1.21% 457.93 68CBOT corn 427.75 0.75 +0.18% -1.95% 379.71 76CBOT soy 884.00 6.25 +0.71% -0.56% 845.97 71CBOT rice 11.40 -$0.05 -0.48% -2.23% $11.00 57WTI crude 52.90 -$0.60 -1.12% -6.52% $61.53 13

Currencies

Euro/dlr $1.118 $0.002 +0.14% +0.48%USD/AUD 0.6951 0.001 +0.19% +0.58%

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

(Reporting by Colin Packham; editing by Richard Pullin)