GRAINS-Wheat rallies as thunderstorms hit Plains, Midwest

* Wheat jumps 1 percent on heavy rains

* Corn touches 14-day top, up for fourth session

* Soybeans hits 1-week high on tight old-crop stocks

By Colin Packham

SYDNEY, June 23 (Reuters) – U.S. wheat futures rose more than 1 percent on Monday, recouping most of previous session’s losses, as heavy rains across the Midwest and Plains stoked concerns of potential quality downgrades and delays in harvesting.

Corn climbed to a 14-day high, extending gains into a fourth session, while soybeans rose 0.5 percent to hit a one-week high.

Chicago Board of Trade Front-month wheat rose 1.03 percent to $5.91-1/4 a bushel by 0320 GMT, rebounding from losses of 1.4 percent on Friday.

“There is a little bit of concern over quality due to rain,” said Graydon Chong, senior grains analyst, Rabobank. “Rain can change the protein content so we think it is going to be very weather driven over the next few weeks.”

Severe thunderstorms hit the Plains and Midwest over the weekend causing some flooding, and the rains are expected to continue on Monday, the U.S. National Weather Service said.

Egypt’s state grain buyer said on Saturday it bought 180,000 tonnes of Russian and Romanian wheat for shipment Aug. 1-10.

Spot corn rose 0.55 percent to $4.55-3/4 a bushel, after hitting an intraday peak of $4.56 – the highest since June 9. Corn closed up 0.61 percent on Friday.

Analysts said the wet weather could cause some damage to corn, but gains were capped by expectations that the moisture could benefit crop conditions, already seen at a 20-year high.

Front-month soybeans rose 0.6 percent to $14.23-3/4 a bushel, off the session high of $14.27-1/2 a bushel, the highest since June 16. Soybeans closed down 0.4 percent on Friday.

Analysts said old-crop soybeans were drawing support from uncertainty surrounding the size of the new-crop.

“If consumption continues the way it has been, soybeans inventories are going to be very tight,” said Chong.

New-crop beans, the most actively traded contract, rose 0.59 percent to $12.38-3/4 a bushel, having closed up 0.35 percent on Friday.

Grains prices at 0320 GMT Contract

Last

Change Pct chg Two-day chg MA 30 RSI CBOT wheat

591.25

6.00 +1.03%

-0.38%

629.78 39 CBOT corn

455.75

2.50 +0.55%

+1.17%

464.01 55 CBOT soy

1238.75

7.25 +0.59% -12.81%

1457.88 43 CBOT rice

$13.83

$0.07 +0.51%

-5.89%

$14.79 60 WTI crude

$107.13

$0.30 +0.28%

-0.12%

$104.14 73 Currencies

Euro/dlr

$1.360 $0.000 +0.04%

-0.03% USD/AUD

0.943

0.005 +0.50%

+0.39% Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential (Editing by Himani Sarkar)

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