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GRAINS-Corn set for decade's biggest weekly gain after acreage surprise

    * Corn up 14% this week, biggest weekly rise since 2011
    * Lower than expected USDA area figure, dry weather fuel
rally
    * Brazil frost threat adds to global corn supply fears
    * Soybeans also extend gains on USDA acreage, oilseed
tensions 

 (Updates with European trading, changes byline/dateline)
    By Gus Trompiz and Naveen Mutnal
    PARIS/SINGAPORE, July 2 (Reuters) - Chicago corn futures
were set on Friday for their biggest weekly climb in 10 years as
prices extended a rally fuelled by a lower-than-expected U.S.
acreage estimates and dry weather in part of the Midwest.
    Soybeans also extended gains as doubts about U.S. harvest
prospects added to tensions in global oilseed markets.
    Wheat was little changed as the market weighed the rally in
corn and drought damage to North American spring wheat against
supply pressure from the start of winter wheat harvesting.
    On Wednesday, corn futures climbed by their daily
exchange-imposed limit after the USDA pegged plantings of the
crop at 92.692 million acres, below an average trade expectation
of 93.787 million.
    The lower than anticipated crop area has made the market
more sensitive to low moisture in northern and western portions
of the U.S. crop belt.
    "The focus now returns to the drying north-west of the U.S.
Midwest," said Tobin Gorey, director of agricultural strategy at
Commonwealth Bank of Australia. 
    The risk of frost damage to Brazil's second corn crop,
already diminished by drought, has also fanned corn supply fears
this week.
    The most-active corn contract on the Chicago Board of Trade
(CBOT) was up 0.5% at $5.91-3/4 a bushel by 0953 GMT,
although it was below Thursday's high above $6.
    The contract has gained 14% this week, the biggest weekly
rise since April 2011.
    CBOT soybeans were up 0.8% at $14.06-1/2, while wheat
 was 0.2% higher at $6.66-3/4.
        

 Prices at 0953 GMT                                                 
                              Last  Change    Pct      End   Ytd Pct
                                             Move     2020      Move
  CBOT wheat                666.75    1.25   0.19   640.50      4.10
  CBOT corn                 591.75    2.75   0.47   484.00     22.26
  CBOT soy                 1406.50   11.00   0.79  1311.00      7.28
  Paris wheat Sep           207.25   -1.75  -0.84   192.50      7.66
  Paris maize Jun           241.50    0.75   0.31   219.00     10.27
  Paris rape Aug            537.25   -0.50  -0.09   418.25     28.45
  WTI crude oil              75.10   -0.13  -0.17    48.52     54.78
  Euro/dlr                    1.18    0.00  -0.20   1.2100     -2.28
 Most active contracts - Wheat, corn and soy US cents/bushel, Paris
 futures in euros per tonne
 


    
 (Reporting by Gus Trompiz, editing by Louise Heavens)
  
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