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GRAINS-Corn, wheat futures extend gains on U.S. crop risks

* Hot, dry weather in U.S. Midwest supports corn

* Wheat market weighs prospects for more Ukraine exports

* Market eyes USDA crop forecasts (Updates with closing prices)

By Tom Polansek

CHICAGO, Aug 10 (Reuters) - Chicago Board of Trade corn and wheat futures rose on Wednesday, as hot, dry weather in parts of the United States and Europe kept attention on harvest risks, while soybeans settled lower after notching contract highs.

Traders also adjusted positions ahead of the U.S. Department of Agriculture's (USDA) monthly supply and demand report on Friday. The government is expected to trim its outlook for U.S. corn production, according to a Reuters survey of analysts.

"The weather into the end of August is still a major concern and could trim some of the U.S.'s yield potential," said Tomm Pfitzenmaier, analyst for Summit Commodity Brokerage. "Given the problems in various areas around the country, the trade is trying to sort just how low the U.S. yield could be."

Most-active CBOT December corn was up 4-1/2 cents at $6.18-1/2 after reaching $6.28, its highest since July 29. CBOT wheat was 22 cents higher at $8.03-1/2 a bushel

CBOT August soybeans settled down 4-1/2 cents at $16.88-3/4 per bushel, retreating after soaring to a contract high of $17.30-3/4 as traders booked profits and exited long positions. Firm cash markets for U.S. soybeans and soymeal continue to support nearby futures contracts as old-crop supplies dwindle ahead of the autumn harvest.

Parts of the Midwest received rain in recent days, but heat in the western side of the farm belt is expected to continue stressing crops. Commodity Weather Group predicted showers in the next week will leave about a quarter of corn and soybeans under stress from dryness.

The USDA said China bought U.S. soy.

In Europe, persisting drought and high temperatures are threatening to deepen corn losses. Romania finished reaping its wheat crop for the year, and the harvest is 15% to 18% smaller than in 2021, Agriculture Minister Petre Daea said. (Reporting by Tom Polansek in Chicago, Gus Trompiz in Paris and Naveen Thukral in Singapore; Editing by Emelia Sithole-Matarise and Sandra Maler)

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