* Corn rises 1% as storm hits U.S. crop in key growing region
* Wheat rises for 3rd session, soybeans climb to 5-week high (Adds details, speculator positions, quote in paragraph 3)
By Naveen Thukral
SINGAPORE, Aug 17 (Reuters) - Chicago corn futures climbed to a one-month peak on Monday, rising for five out of six sessions on concerns over widespread damage after a storm tore across a major U.S. growing region.
Wheat rose 1.3%, gaining for a third consecutive session while soybeans climbed their highest since early July.
"U.S. corn yields are looking pretty good but now we have damage from adverse weather," said trader at a leading corn supplier in Asia. "It remains to be seen how much damage has actually taken place."
The most-active corn contract on the Chicago Board Of Trade added 1% to $3.41-1/2 a bushel, by 0331 GMT, near the session high of $3.41-3/4 a bushel - the highest since July 13.
Wheat gained 1.3% at $5.06-1/4 a bushel and soybeans were up 0.8% at $9.05-1/2 a bushel, after rising to their highest since July 9 at $9.06-1/2 a bushel.
A storm - with hurricane-like winds - hit the Midwest grain belt on Monday, affecting as much as 14 million acres in Iowa, up from earlier estimates of 10 million acres, the Iowa Soybean Association posted on Facebook on Friday.
Iowa yield potential took a nosedive after the damaging windstorm, or derecho, swept through last Monday.
Expectations also declined last week in North Dakota and Nebraska, which need rain urgently, although many of the Crop Watch fields have needed rain for some time now.
Large speculators trimmed their net short position in CBOT corn futures in the week to Aug. 11, regulatory data released on Friday showed.
The Commodity Futures Trading Commission's weekly commitments of traders report also showed that non-commercial traders, a category that includes hedge funds, increased their net short position in CBOT wheat and switched to a net short position in soybeans. (Reporting by Naveen Thukral; Editing by Shailesh Kuber)
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