GRAINS-Wheat up for second day on weather concerns; corn, soybeans firm

Naveen Thukral

* Hot weather in Europe, lower Canadian planting support wheat

* Corn, soybean futures rise after closing lower in previous session

(Adds details, quote) SINGAPORE, June 27 (Reuters) - Chicago wheat futures rose for a second session on Thursday with prices supported by hot weather in Europe and lower-than-expected planting in Canada. Corn and soybeans rose, although gains were checked by favourable weather forecasts for the U.S. Midwest grain belt which eased fears of widespread crop losses. The most-active wheat contract on the Chicago Board Of Trade was up 0.4% at $5.48-3/4 a bushel, as of 0241 GMT, having closed 1.2% firmer on Wednesday. Soybeans added 0.2% at $8.96-1/4 a bushel, having earlier hit a low of $8.93 a bushel, the weakest since June 14, and corn was up 0.5% at $4.45-1/4 a bushel. Canada's Statscan pegged the wheat plantings at 24.6 million acres, down slightly from last year's 24.7 million and well below the average trade expectation of 25.7 million acres. The wheat market is being supported by hot weather in parts of Europe and the Black Sea region. "The situation in Europe is not great, they will have to lower the production estimate," said one Singapore-based grains trader at an international trading company. "In Canada it is not that bad." Conditions for Russia's spring wheat harvest are generally good or satisfactory with only a few areas affected by a heat wave that has hit some parts of the country, state weather forecaster Hydrometcentre said on Tuesday. Warm, dry weather across the U.S. Midwest to aid corn crops, which have deteriorated in recent weeks as a result of wet weather. Dry weather across the United States for the next week should allow farmers to rapidly increasing plantings, which have been lean in recent weeks by prolonged wet weather and flooding.

Commodity funds were net sellers of CBOT corn, soybean, soyoil and soymeal and buyers of wheat futures contracts on Wednesday, traders said.

Grains prices at 0241 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSICBOT wheat 548.75 2.25 +0.41% +1.15% 511.32 71CBOT corn 445.25 2.00 +0.45% -0.34% 421.73 59CBOT soy 896.25 2.00 +0.22% -1.40% 870.59 54CBOT rice 11.39 $0.04 +0.40% -1.17% $11.80 24WTI crude 59.19 -$0.19 -0.32% +2.35% $56.44


Euro/dlr $1.136 $0.000 -0.03% -0.30%USD/AUD 0.6992 0.004 +0.50% +0.45%

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

(Reporting by Naveen Thukral, Editing by Sherry Jacob-Phillips)