GRAINS-Soy rises to 1-week high above $12 on supply woes

* U.S. soy up nearly 1 pct at one-week top

* Strong soymeal exports, tight year-end supplies support

* Corn down, wheat flat as U.S. weather weighs (Adds details, quotes)

SINGAPORE, June 26 - Chicago soybean futures rose almost 1 percent on Friday to above $12 a bushel, bolstered by tight year-end supplies and strong soymeal exports as well as a softening U.S. dollar.

Corn fell 0.4 percent and wheat was unchanged as hot and dry weather across the U.S. grain-producing regions aided the winter wheat harvest and freshly planted corn crop.

The market awaits the U.S. Department of Agriculture's report on June 30, which will shed light on final plantings and how many bushels of soybeans were left in bins on June 1.

"The market will be bit quiet and it wait for the final plantings report on Tuesday night," said Paul McKay, a director of Commodity Broking Services in Australia. "But old crop supplies are extremely tight. Soy is up today following the oil market pretty well." Chicago soybeans for July delivery rose 1 percent to per 12.06-½ bushel by 0325 GMT, rising for four straight sessions and bringing this week's gains to 2.3 percent.

The USDA reported weekly export sales of 308,400 tonnes of soybean meal, a protein source used to feed hogs and other livestock, beating trade estimates which ranged from 150,000 to 200,000 tonnes.

This helped push up soymeal and soybean prices.

CBOT corn for July delivery fell 0.4 percent to $3.81 a bushel and wheat was unchanged at $5.33 a bushel.

The International Grains Council on Thursday cut its forecast for world maize production in 2009/10 by 3 million tonnes, reflecting lower U.S. plantings this year. But it maintained world wheat production in 2009/10 at 652 million tonnes, indicating ample supplies for second year.

The dollar dropped against a basket of currencies on Friday extending losses made the previous day as investors shifted funds back into risky assets as the Federal Reserve this week appeared to confirm it will keep interest rates low for a while.

A weak dollar raises the appeal for dollar-priced U.S. commodities for foreign buyers. Oil, which often guides soy and corn for their use in making renewable fuels, surged above $70 a barrel on Friday, after rebel attacks on Nigerian oil facilities disrupted supply and equity markets rallied on optimism the global recession was ebbing. PRICES AT 0325 GMT Contract Last Change Pct chg Day ago pct MA 30 RSI CBOT wheat 533.00 0.00 +0.00% -1.25% 593.13 33 CBOT corn 381.00 -1.50 -0.39% -1.42% 420.31 33 CBOT soy 1206.50 10.50 +0.88% +1.81% 1196.64 55 CBOT rice $12.33 $0.00 +0.00% -0.04% $12.34 48 WTI crude $70.56 $0.33 +0.47% +2.75% $67.01 61 Currencies Euro/dlr $1.404 $0.006 +0.40% +0.84% USD/AUD 0.806 0.003 +0.37% +1.24% Front month contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight