GRAINS-Soybeans jump on worries heat may threaten U.S. crops
* Soybean traders eye hot weather ahead in Midwest
* Weather worries overshadow USDA crop report (Adds closing prices, analyst comments, USDA report)
By Tom Polansek
CHICAGO, July 12 (Reuters) - U.S. grain futures rose on Tuesday, with soybeans touching a one-week high, on worries that a heat wave may threaten crops later this summer.
Concerns about the risk of damaging weather overshadowed a new report from the U.S. Department of Agriculture, which predicted a big domestic soybean harvest will help offset rising overseas demand for U.S. supplies of the oilseed.
Traders grew worried about stressful crop conditions as forecasters said above-normal temperatures and near-normal to below-normal rainfall may spread across most of the United States next week.
"Approximately five minutes after today's report, traders switched their focus to weather," said Angie Setzer, vice president of grain for agriculture retailer Citizens LLC. "Extended forecasts continue to point toward potentially record-setting heat entering the Western Corn Belt."
Most-active November soybean futures, which represent the crop that farmers will harvest this autumn, climbed 32 cents to $10.87 a bushel at the Chicago Board of Trade.
The most actively traded December corn contract advanced 4-3/4 cents to $3.60-1/4 a bushel, while September wheat gained 8 cents $4.38-1/2 a bushel. Continuación...