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GRAINS-Winter wheat unchanged, spring wheat highest since 2014

* Wheat down on selling pressure, corn falls over 1 pct
* Spring wheat hits new 2-1/2 year high
* Chicago soybeans rise on strong demand

(Recasts with European trade, adds new comment, changes
dateline)
By Michael Hogan
HAMBURG, June 19 (Reuters) - Chicago winter wheat futures
were little changed Monday after rallying about 5 percent in the
last two sessions because of concern dry weather could damage
U.S. spring wheat crops.
Spring wheat touched its highest since December 2014 on
Monday on continued concern about the dry weather cutting crop
yields, worries that sent spring wheat surging last week and
pulling Chicago prices higher in their wake.

Corn followed winter wheat down, while soybean prices gained
for a third straight session on strong demand.
Chicago Board of Trade July soft red winter wheat was
unchanged at $4.65-1/4 a bushel at 1026 GMT. The most-active
winter wheat contract peaked at $4.68-1/2 a bushel on
Friday, the highest since June 27, 2016.
Minneapolis MGEX July spring wheat was up 0.3
percent at $6.45 a bushel, after earlier on Monday hitting
$6.46-1/2 just above last week's peak of $6.45-3/4 on Wednesday
and the highest since it hit $6.54 on Dec. 24, 2014
"Winter wheat and corn are being weakened by some selling
pressure today, with profits being taken after the strong price
rises seen last week, in turn because of worry about poor crop
weather in the U.S. spring wheat belts," said Stefan Vogel, head
of agricultural commodity markets research at Rabobank.
"But I do not think there has been fundamental news today
which alters last week's picture, with no major improvement to
U.S. spring wheat weather," he said. "We will have to watch
whether the upward trend resumes later today when the U.S.
starts trading."
July corn was down 1.1 percent at $3.79-1/2 a bushel.
July soybeans rose 0.4 percent to $9.43 a bushel.
"Soybeans are underpinned by continued good demand in U.S.
domestic markets and internationally," Vogel said.
The U.S. National Oilseed Processors Association report on
Thursday showed U.S. soybean crushings were well above analysts'
forecasts.
"Prices are strong despite massive soybean harvests in South
America," Vogel said. "Exports from Brazil are running at a high
level but demand in the world market is strong and is able to
absorb these supplies."
"The corn and soybean markets are assessing whether they
should focus on the good rainfall forecast for the central and
eastern regions of the U.S. Midwest or on the dryer weather in
the western section of the region."
Grains prices at 1024 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSI
CBOT wheat 465.50 0.25 +0.05% +2.59% 436.36 76
CBOT corn 379.75 -4.25 -1.11% +0.07% 374.02 54
CBOT soy 943.00 4.00 +0.43% +0.88% 943.42 64
CBOT rice $11.49 $0.08 +0.75% +0.09% $10.94 68
WTI crude $44.89 $0.15 +0.34% +0.97% $47.73 35
Currencies
Euro/dlr $1.119

Most active contracts
Wheat, corn and soy US cents/bushel. Rice: USD per
hundredweight
RSI 14, exponential

(Reporting by Michael Hogan; additional reporting by Naveen
Thukral; editing by David Clarke)

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