U.S. grains up more than 1 percent

TOKYO (Reuters) - Chicago soybean, corn and wheat futures rose more than 1 percent on Wednesday on active technical buying amid supply concerns, with gains in oil prices and other commodities providing additional support.

Chicago Board of trade corn futures extended gains on worries about this week's dry weather in the U.S. Midwest and slow crop development.

CBOT soybeans rebounded on Wednesday after falling in Chicago as some weather forecasts raised the likelihood of Midwest rains next week, which would benefit the crop during a key growth phase.

Soybeans were also supported by news that Argentine farmers had resumed protests over government policy.

"Grains were bought back on stronger oil prices and a general recovery in commodities. Grains have experienced severe sell-offs and the market is now in a short-covering phase," said Kaname Gokon, deputy general manager at Okato Shoji Co.

By 0133 GMT, September soybean futures rose 16 cents or 1.3 percent to $12.83 per bushel in electronic trade from the Chicago close of $12.67. Futures briefly reached an intraday high of $12.87.

Corn and soybeans had underlying support from the fact that the crops are developing one to two weeks behind schedule.

The U.S. Department of Agriculture said in its latest weekly progress report that 75 percent of the soybean crop was setting pods, lagging the five-year average of 87 percent.

"It looks like soybeans have the biggest momentum in the market and leading other prices," Gokon said.

"Also more technical buying could push up December corn towards 610 cents ($6.10)," he said.

September CBOT corn was trading at $5.72-¼ per bushel, up 7-½ cents or 1.3 percent, after touching $5.75. New crop December corn rose 1.3 percent to $5.92.

September wheat futures WU8 was trading at $8.50-¾ after rising 1 percent to a session high of $8.53-¾ per bushel.

A recovery in crude oil prices brightened the mood in the commodities market, including grains.

U.S. crude oil futures extended gains above $115 a barrel on Wednesday, supported by dollar weakness and ahead of U.S. government data expected to show an extended drop in gasoline supplies in the world's top consumer.

(Reporting by Chikafumi Hodo; Editing by Hugh Lawson)