* Corn, soy, wheat on pace to decline for the week
* Weather models hotter for Midwest than forecasts on Thursday (Updates prices, adds analyst comments; changes byline, dateline, previously LONDON)
By Michael Hirtzer
CHICAGO, July 14 (Reuters) - U.S. corn and soybean futures jumped more than 1 percent on Friday on bargain buying after steep losses during the past two sessions, traders and analysts said.
Midday weather forecasts also predicted hot temperatures next week in the U.S. Midwest, potentially stressing developing crops and further buoying corn and soy prices at the Chicago Board of Trade.
CBOT wheat futures were about flat while MGEX spring wheat gained.
“Some people who went short are taking profits and people are buying into the weather model changes. We’re turning into another hot and dry pattern,” said Futures International analyst Terry Reilly.
CBOT September corn futures were up 4-1/4 cents to $3.74 per bushel and CBOT August soybeans 11 cents to $9.86-1/2 per bushel by 12:34 p.m. CDT (1734 GMT), with each contract still headed for a weekly decline.
Prices plummeted on Wednesday following a U.S. Department of Agriculture report showing ample global grain and soy supplies and extended those losses on Thursday amid weather outlooks for slightly reduced heat levels.
“We had a death break Wednesday and Thursday. Now it’s Friday and we have a little backfill here,” Highground Trading broker Scott Capinegro said.
USDA earlier said exporters sold 1.3 million tonnes of soybeans to China, an announcement that followed a Thursday signing ceremony between Chinese soy buyers and American sellers in Iowa.
Some wheat futures contracts were under pressure from unwinding of long wheat and short corn spreads, Reilly said.
CBOT September wheat was down 2 cents to $5.09-3/4 per bushel and the most active CBOT wheat contract was on pace to decline 4.7 percent this week, in what would be the biggest percentage weekly drop since April. (Additional reporting by Nigel Hunt in London and Colin Packham in Sydney; editing by Diane Craft)