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GRAINS-Corn up for 2nd session as adverse weather hits U.S. crop

Naveen Thukral

* Chicago corn prices gain 0.7% as U.S. crop condition worsens

* Wheat at 1-week high as weather hurts crops in key producers

(Adds comment, detail) SINGAPORE, June 25 (Reuters) - Chicago corn futures rose for a second session on Tuesday after the U.S. Department of Agriculture said the crop's condition deteriorated last week following wet weather, stoking fears of supply disruptions. Wheat prices gained more ground, climbing to their highest in a week following adverse weather in top exporting countries around the world. The most-active corn contract on the Chicago Board of Trade was up 0.8% at $4.50-1/2 a bushel as of 0221 GMT, having gained 1% in the previous session. Wheat was up 0.6% at $5.45-1/2 a bushel, after climbing earlier in the session to its highest since June 17 at $5.47-3/4 a bushel. Soybeans added 0.6% to $9.14-1/2 a bushel, having closed up 0.7% on Monday. The USDA said 96% of the U.S. corn crop had been planted, matching expectations. But the agency said 56% of the corn crop is in good-to-excellent condition, down from 59% reported the week before and behind market expectations. "The corn market is being supported by adverse weather in the United States," said Phin Ziebell, an agribusiness economist at National Australia Bank. "It has been not a great season by any means so far." The USDA said 85% of the soybean crop has been planted, slightly behind market forecasts, while 54% of the crop was in good-to-excellent condition, behind market expectations. Analysts, on average, expect 96% of U.S. corn to have been planted as of Sunday along with 88% of soybeans. Corn and soy crops were also estimated to be 59% in good-to-excellent shape. A heat wave taking hold in western Europe, dry conditions in Canada and overly wet weather in winter wheat production areas of the United States have raised the risk of yield losses and tempered recent expectations of bumper global supplies. The stressful conditions and concern over crop damage countered seasonal supply pressure on wheat prices as harvests get going across the northern hemisphere. Commodity funds were net buyers of CBOT corn, wheat, soybean and soymeal futures contracts on Monday and net sellers of soyoil, traders said.

Grains prices at 0221 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSICBOT wheat 545.50 3.00 +0.55% +2.83% 508.31 71CBOT corn 450.50 3.75 +0.84% +1.87% 419.28 66CBOT soy 914.50 5.50 +0.61% +1.30% 868.80 67CBOT rice 11.20 $0.02 +0.13% -0.89% $11.46 32WTI crude 57.77 -$0.13 -0.22% +0.59% $56.61

Currencies

Euro/dlr $1.140 $0.001 +0.07% +0.33%USD/AUD 0.6965 0.000 +0.06% +0.61%

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

(Reporting by Naveen Thukral)