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GRAINS-Corn hits one-week high on U.S. weather worries

* Wet U.S. weather prompts pre-weekend short covering
* Soy rebounds after Thursday's sell-off; Brazil currency
* Wheat higher rains hit Plains; U.S. dollar sags

(Recasts throughout; updates prices, adds quotes; changes
byline, dateline, previous LONDON)
By Julie Ingwersen
CHICAGO, May 19 (Reuters) - U.S. corn futures rose about 1.5
percent on Friday and notched a one-week high as worries about
lower temperatures and excessive rains in the Midwest prompted
traders to cover short positions ahead of the weekend, analysts
Soybeans firmed in a light rebound from Thursday's 3 percent
sell-off as Brazil's currency stabilized. Wheat climbed on
excessive moisture in U.S. winter wheat areas and a weaker
Broad strength in commodities lent support, with the
19-market Thomson Reuters CoreCommodity CRB Index up
1.3 percent.
As of 12:34 p.m CDT (1734 GMT), Chicago Board of Trade July
corn was up 6-1/2 cents at $3.72-1/2 per bushel after
reaching $3.73, its highest since May 11.
CBOT July soybeans were up 9-1/2 cents at $9.54-1/4 a
bushel and July wheat was up 9 cents at $4.34-3/4 a
"Weather and the wetter forecast is back in focus. I think
that means more to the trade going into the weekend," said Mike
Zuzolo, president of Global Commodity Analytics.
Corn in portions of the Midwest will need reseeding due to
flooding and poor crop emergence, but farmers are running out of
time. Corn planted after mid-May begins to lose yield potential.
"Corn is firmer on the improved money flow and on concerns
that rains in the southern Midwest will prevent re-planting in
some areas," INTL FCStone chief commodities economist Arlan
Suderman said in a note.
Grains and soy were also recovering one day after Brazil's
currency, the real, slumped as much as 8 percent, the
biggest percentage drop since it was devalued in 1999. The
currency fell following corruption allegations against the
country's president, Michael Temer.
The drop in the real sent CBOT soybeans tumbling on Thursday
as Brazilian farmers rushed to sell soybeans which had been
locked in storage bins. The country just completed
the harvest of its largest-ever soy crop.
Brazilian stocks and currency rebounded on Friday, slowing
farmer offerings, Suderman said.
CBOT July wheat touched a one-week high at $4.35-1/4 a
bushel on fund short-covering and a weaker dollar, which tends
to make U.S. grains more attractive on the world market. The
U.S. dollar index was poised for its worst week in more
than a year.
Export sales of U.S. wheat in a weekly U.S. government
report on Thursday topped trade expectations, and Egypt's main
state grain buyer purchased U.S. wheat this week.

CBOT prices at 12:40 p.m. CDT (1740 GMT):
Last Net Pct Volume
change change
CBOT wheat Wc1 434.50 8.75 2.1 38492
CBOT corn Cc1 371.75 5.75 1.6 157762
CBOT soybeans Sc1 953.25 8.50 0.9 81403
CBOT soymeal SMc1 308.00 0.50 0.2 40964
CBOT soyoil BOc1 32.93 0.49 1.5 38288
NOTE: CBOT wheat, corn and soybeans shown in cents per
bushel, soymeal in dollars per short ton and soyoil in cents per

(Additional reporting by Nigel Hunt in London and Naveen
Thukral in Singapore; editing by Ed Osmond and Jonathan Oatis)

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