* Weather forecasts raise early risk for U.S. corn, soy crops * Brazil drought set to cut corn crop, hamper river logistics * U.S. spring wheat stress, global demand support wheat (Updates with European trading, changes byline/dateline) By Gus Trompiz and Naveen Thukral PARIS/SINGAPORE, June 4 (Reuters) - Chicago corn, soybean and wheat futures rose on Friday as grain markets assessed whether hot, dry conditions forecast in some U.S. growing belts could add to global supply tensions after a severe drought in Brazil. Prices were recovering from a slide on Thursday when a rising dollar pressured commodity markets and projections of rain relief in some U.S. crop zones tempered weather worries. "U.S. dryness is causing a concern even though it is early to cut crop estimates," said Ole Houe, director of advisory services at brokerage IKON Commodities in Sydney. "Traders are looking for reasons to buy but change their minds a few times each day." Tightening global availability, linked to mounting Chinese imports and deteriorating prospects for Brazil's upcoming corn harvest, have made grain markets sensitive to fluctuating U.S. weather forecasts. The most-active corn contract on the Chicago Board of Trade (CBOT) was up 2.0% at $6.75-1/2 a bushel by 1042 GMT. CBOT soybeans were 1.1% higher at $15.66 per bushel. In Brazil, crop analysts have been cutting sharply production estimates for the second annual corn crop due to drought. Brazil's worst water crisis in almost a century will also impact river navigation and make transportation more expensive for commodities ranging from soybeans to coffee and sugar. However, late-planted corn in Argentina, another major exporter, is delivering higher-than-expected yields, the Buenos Aires Grains Exchange said on Thursday. CBOT wheat was up 1.0% at $6.83-1/4 a bushel, supported by a 1.7% gain for MGEX spring wheat futures. Parched conditions for U.S. spring wheat contrast with generally favourable conditions for wheat in Europe and the Black Sea region. But potentially high global wheat production this year could be absorbed as the livestock sector, notably in China, seeks alternatives to pricey and scarce supplies of corn, traders say. In top wheat exporter Russia, Deputy Prime Minister Victoria Abramchenko said this week the country's new formula-based grain export taxes would remain in place as long as there is strong global food demand. Prices at 1042 GMT Last Change Pct End Ytd Pct Move 2020 Move CBOT wheat 683.25 7.00 1.04 640.50 6.67 CBOT corn 675.50 13.50 2.04 484.00 39.57 CBOT soy 1566.00 16.75 1.08 1311.00 19.45 Paris wheat Sep 216.75 1.25 0.58 192.50 12.60 Paris maize Jun 285.00 32.00 12.65 198.75 43.40 Paris rape Aug 538.50 -0.25 -0.05 393.00 37.02 WTI crude oil 69.00 0.19 0.28 48.52 42.21 Euro/dlr 1.21 0.00 -0.12 1.2100 0.08 Most active contracts - Wheat, corn and soy US cents/bushel, Paris futures in euros per tonne (Reporting by Gus Trompiz in Paris and Naveen Thukral in Singapore; editing by Uttaresh.V and David Evans)
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GRAINS-Corn, soy, wheat higher as weather risks assessed - Successful Farming
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