GRAINS-Corn jumps 1% as U.S. crop forecast stokes supply woes

Colin Packham

* Corn up more than 5% over last four sessions

* Warm, dry weather a threat to U.S. crops

* Wheat edges higher, soybeans rally despite Chinese uncertainty

SYDNEY, July 8 (Reuters) - U.S. corn futures rose 1% on Monday, extending gains into a fourth consecutive session, as forecasts for hot, dry weather stoked fears about yield losses following recent unfavorable conditions. Wheat edged higher as the strength of corn underpinned gains, while soybeans rose more than 0.5%. The most active corn futures on the Chicago Board Of Trade were up 1% at $4.46-1/2 a bushel, as of 0320 GMT, having gained 0.2% in the previous session. Traders said weather models were supporting prices. "The Midwest is expected to be warm and dry, and this could be damaging to some crops," said a Melbourne-based trader who declined to be named as he is not authorized to talk to the media. The U.S. Department of Agriculture said last week that 56% of the corn crop is in good-to-excellent as farmers struggle with recent adverse weather. Corn is now up for a fourth straight session, gaining over 5% over the period as prices recover from a surprisingly large forecast from the USDA the last month. In its annual acreage report, the USDA said U.S. farmers seeded 91.7 million acres of corn, well above market expectations. The most active wheat futures climbed 0.2% to $5.16 a bushel, having closed up 0.2% on Friday. The most active soybean futures rose 0.6% to $9.00-1/4 a bushel, having closed down 1.6% on Friday when prices hit a low of $8.93 a bushel - their lowest since June 27. Analysts said soybeans were under pressure from China's continued struggle with African swine fever.

Grains prices at 0320 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSICBOT wheat 516.00 1.00 +0.19% +0.39% 521.97 47CBOT corn 446.50 4.25 +0.96% +1.19% 439.48 58CBOT soy 900.25 5.75 +0.64% -0.94% 906.28 42CBOT rice 11.50 $0.00 +0.00% +2.09% $11.79 48WTI crude 57.60 $0.09 +0.16% +0.45% $55.62 52


Euro/dlr $1.123 $0.000 +0.04% -0.50%USD/AUD 0.6986 0.001 +0.10% -0.47%

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

(Reporting by Colin Packham, Editing by Sherry Jacob-Phillips)