GRAINS-Soybeans hit highest in almost 7 years on S.American crop worry

* Soybeans at highest since summer 2014, corn and wheat also up

* Rains in Brazil, dry weather in Argentina support (Adds price strength in European trade, new comment)

By Naveen Thukral and Michael Hogan

SINGAPORE, March 8 (Reuters) - Chicago soybean futures hit their highest in almost seven years on Monday as dry weather in Argentina and excessive rains in Brazil stoked supply concerns.

Corn and wheat also rose ahead of crop forecasts from the U.S. Department of Agriculture (USDA) on Tuesday.

"Brazil's soybean harvest is being dogged, and a little depleted, by wet weather," said Tobin Gorey of the Commonwealth Bank of Australia. "Argentina's hot, dry weather outlook is threatening soybean crops."

Chicago Board of Trade (CBOT) most-active soybeans hit their highest since June 2014 at $14.60 a bushel and were up 0.9% at $14.44 a bushel at 1046 GMT.

Corn rose 0.6% to $5.49 a bushel while wheat also rose 0.6% to $6.57 a bushel.

Concerns increased over crops in Argentina, the world's top soymeal exporter, after Commodity Weather Group said a rain deficit was seen "leading to severe yield loss" for 30% of the soy belt in the coming 10 days.

China's soybean imports in the first two months of 2021 fell on the year, as rains in top exporter Brazil slowed some shipments.

"The initial delays in Brazil have still not been caught up, which incidentally also threatens to push sowing of the important second corn crop beyond the ideal planting window," Germany's Commerzbank said in a note. "What is more, news from neighbouring Argentina about excessively hot and dry weather, which is also set to persist in the coming two weeks, has reignited concerns about the crop there."

Soybeans are poised to rise into a $15.53-1/2 to $15.63-1/2 range, said Reuters analyst Wang Tao.

Traders also adjusted positions ahead of monthly USDA world supply and demand forecasts on Tuesday. The agency is expected to lower its estimates for 2020/21 ending stocks for soybeans and corn, analysts told Reuters.

(Reporting by Michael Hogan in Hamburg and Naveen Thukral in Singapore; Editing by Subhranshu Sahu and Emelia Sithole-Matarise)

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