GRAINS-Wheat futures advance on worries over dry US weather

By Tom Polansek

CHICAGO, April 13 (Reuters) - U.S. wheat futures rose on worries about unfavorably dry weather on Monday, analysts said, as prices recovered after falling to a one-month low on Friday.

An expanding drought has fueled concerns about potential crop losses in the Plains region, the heart of the winter wheat belt, before farmers start harvesting their next crops in the next few months.

After trading ended, the U.S. Department of Agriculture said in a weekly report that 34% of the nation's winter wheat was in good or excellent condition as of Sunday. That was down from 35% a week earlier and 47% a year ago.

"All three classes of wheat had a strong day as many areas in the west missed weekend rains," Chad Pater, senior commodity broker at CHS Hedging, said in a note.

Chicago Board of Trade May soft red winter wheat WK26 finished up 11-1/4 cents at $5.82-1/4 per bushel after sliding on Friday to $5.67-1/2, the contract's lowest level since March 4.

K.C. May hard red winter wheat KWK26 ended up 12-1/2 cents at $6.03-1/4 a bushel and set its highest price since April 3.

CBOT May corn CK26 settled 3/4 cent lower at $4.40-1/4 per bushel, while May soybeans SK26 fell 13-1/2 cents to $11.62-1/4 per bushel after reaching $11.83-3/4, the contract's highest price since March 16.

U.S. farmers have planted 5% of the nation's corn crop and 6% of soybeans, ahead of the five-year averages, USDA said in its report.

In Ukraine, a major grain exporter, consultancy APK-Inform trimmed its forecasts for the country's 2026 wheat and corn harvests.

Commodity firm Argus also lowered its estimate for Ukraine's 2026 wheat crop, though the outlook remained the highest since Russia's invasion in 2022 and above the four-year average. The IKAR consultancy lowered its estimate for Russia's wheat exports in April.

Over the weekend, the Black Sea region received light showers, along with near-freezing-to-below-freezing temperatures in Ukraine, weather firm Vaisala said.

"Some damage to winter wheat was possible," the firm said.

Traders also monitored the Iran war, which has spiked prices for fertilizer needed to plant corn. President Donald Trump said the U.S. military began a blockade of ships leaving Iran's ports and oil prices climbed back over $100 per barrel.