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GRAINS-Corn near one-year high as soaked Midwest braces for more rain

Gus Trompiz and Naveen Thukral

* CBOT corn up more than 1%, near 1-year high hit in late May Forecasts Midwest rain may add to corn planting woes

* Soybeans, wheat also firm amid planting, harvest worries

(Updates with European trading, changes byline/dateline) PARIS/SINGAPORE, June 13 (Reuters) - Chicago corn extended a rally to approach a one-year high on Thursday as forecasts of more rain in the U.S. Midwest threatened to exacerbate planting delays that have put a question mark over this year's harvest. Soybeans rose for a fourth consecutive session as the persistent rain in the Midwest grain belt raised concerns that later-planted soy would be hit too. Wheat also rose for a fourth straight day, touching its highest in almost six months, as the market assessed potential rain damage to maturing U.S. wheat, as well as persisting dryness in some Australian growing belts. The most-active corn contract on the Chicago Board of Trade was up 1.4% at $4.36 a bushel by 1209 GMT, having earlier risen to $4.37-3/4, just shy of a one-year peak of $4.38 struck in late May. Soybeans added 0.4% to $8.81-1/2 a bushel, after closing 2.2% firmer on Wednesday. CBOT wheat ticked up 0.1% to $5.27 a bushel, after earlier climbing to its highest since Dec. 19 at $5.31-3/4 a bushel. This week's rally in corn prices was fueled by the U.S. Department of Agriculture's (USDA) bigger than expected cut to its U.S. corn yield projection in a monthly report on Tuesday. Weather forecasts for heavy rain in the week ahead in parts of the Midwest threatened to add to massive planting delays and poor conditions for crop development. "With so much late planting this season, the tail on weather threats to this U.S. corn crop will run well into the northern (hemisphere) autumn," said Tobin Gorey, director of agricultural strategy at Commonwealth Bank of Australia. The USDA left its estimates for soybean production and yields unchanged from May. Adjustments to the soybean crop outlook can be expected in the USDA's July report, the agency's chief economist told Reuters on Wednesday. If conditions improve, farmers could switch acres to soybeans, which are typically planted after corn, but incessant rain could also prevent some soy from being planted. The torrential rain has also affected part of the U.S. Plains winter wheat belt, threatening to reduce quality in the harvest that is getting under way. Supply concerns in wheat have also been fueled by continuing drought in Australia. Dry weather will persist across Australia until at least the end of September, the country's weather bureau said on Thursday. "The global wheat market could turn out to be less amply supplied than previously assumed," Commerzbank analysts said in a note.

Prices at 1209 GMT

Last Change Pct End Ytd PctMove 2018 MoveCBOT wheat 527.00 0.75 0.14 503.25 4.72CBOT corn 436.00 6.00 1.40 375.00 16.27CBOT soy 881.50 3.50 0.40 895.00 -1.51Paris wheat Sep 178.00 0.75 0.42 190.50 -6.56Paris maize Aug 175.75 0.00 0.00 187.25 -6.14Paris rape Aug 367.00 1.50 0.41 362.25 1.31WTI crude oil 53.07 1.93 3.77 45.41 16.87Euro/dlr 1.13 0.00 -0.0 1.1469 -1.60

2 Most active contracts - Wheat, corn and soy US cents/bushel, Paris futures in euros per tonne

(Reporting by Gus Trompiz in Paris and Naveen Thukral in Singapore, Editing by Sherry Jacob-Phillips and Kirsten Donovan)