SYDNEY  - U.S. corn futures rose as much as 1% on Monday to hit a five-year high as forecasts for hot, dry weather across a key North American growing region stoked fears that crops could face further damage.

Wheat edged higher, drawing support from corn, while soybeans firmed to hit a more than one-year high.

The most active corn futures on the Chicago Board Of Trade Cv1 were up 0.9% at $4.63-1/2, as of 0231 GMT, near a session high of $4.64-3/4 a bushel - the highest since June 2014. Corn gained 2.5% in the previous session.

Analysts said forecasts for unfavourable weather were supporting prices.

"Its too hot and the market is weighing up the very real prospect of supply issues," said Phin Ziebell, agribusiness economist, National Australia Bank.

The forecasts for hot, dry weather comes on the back of recent adverse weather, which has weighed on the condition of crops.

This is likely to be on stark display again when U.S. Department of Agriculture reports its latest condition report on Monday.

The USDA last week said 57% of the nation's corn crop was in good-to-excellent shape, as of July 7, down from 75% a year earlier.

The most active wheat futures climbed 0.7% to $5.26-1/2 a bushel, having closed up 0.3% on Friday.

Analysts said fears about global production continue to support prices.

The USDA last week lowered its forecast of world wheat production in 2019/20 by over 9 million tonnes, including a 3.8 million decrease to projected output in top exporter Russia.

The most active soybean futures were up 0.2% at $9.33-1/2 a bushel, near the session high of $9.36-1/2 a bushel the highest since June 2018; soybeans firmed 1.6% on Friday.

The USDA lowered its U.S. 2019-20 soybean production estimate but a cut to expected exports reinforced demand concerns amid a trade dispute with China and a spreading pig disease that has also cut Chinese demand for soybeans in feed.    

(Reporting by Colin Packham, Editing by Sherry Jacob-Phillips)

© Reuters News 2019