* Hot, dry weather in U.S. Midwest supports corn
* Wheat market weighs prospects for more Ukraine exports
* Market eyes USDA crop forecasts
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)