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GRAINS-Corn jumps 2% to hit 5-year high on crop uncertainty

By Colin Packham SYDNEY, June 17 (Reuters) - U.S. corn futures jumped 2% on Monday as forecasts for wet weather across a key-producing area stoked fears that farmers will be unable to sow their full allotment of crops, pushing prices to a five-year high. Wheat edged higher, drawing support from the strength of corn, while soybeans rose more than 1%. The most active corn futures on the Chicago Board of Trade were up 2.2% at $4.62-3/4 a bushel, as of 0029 GMT, near the session high of $4.64 a bushel - the highest since June 2014. Corn jumped 2.5% in the previous session. "The market does not believe that farmers can complete planting before the window closes. The weather will now have a material impact on supplies," said Phin Ziebell, agribusiness economist, National Australia Bank. End-users of corn, such as producers of livestock feed and ethanol, have been bidding up for old-crop supplies to prepare for tighter domestic supplies. Until recently, big corn surpluses from a series of bumper U.S. harvests had traders selling nearby contracts and buying back months. The most active wheat futures were up 0.5% at $5.41-1/4 a bushel, after closing 0.6% firmer on Friday. The most active soybean futures were up 1.2% at $9.07-1/2 a bushel, having firmed 1% in the previous session. Analyst said soybeans were drawing support from the wet U.S. weather. Soybeans have a later planting window, but should the rains continue, farmers may be unable to finish planting of the oilseed too. Grains prices at 0029 GMT Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 541.25 2.75 +0.51% +1.07% 484.59 73 CBOT corn 462.75 9.75 +2.15% +4.69% 402.09 83 CBOT soy 907.50 10.75 +1.20% +2.20% 850.43 77 CBOT rice 11.61 -$0.04 -0.30% -0.39% $11.38 51 WTI crude 52.71 $0.20 +0.38% +0.82% $57.73 39 Currencies Euro/dlr $1.122 $0.001 +0.10% -0.51% USD/AUD 0.6880 0.001 +0.12% -0.48% 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)

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