* Wheat jumps 2% after Wagner mutiny in Russia

* U.S. corn under pressure as rains reduce drought stress

HAMBURG, June 26 (Reuters) - Chicago wheat futures rose on Monday on concern about political stability in major exporter Russia following an aborted mutiny by Wagner Group mercenaries over the weekend.

Chicago Board of Trade most active wheat rose 2% to $7.61-3/4 a bushel at 0727 GMT.

"A risk premium is being added to wheat today after the dramatic weekend in Russia," one European trader said. "While there is no apparent immediate threat to Russian wheat exports, the market has been way too complacent lately about the (Ukraine) war and Russian political stability.”

Russia sought to restore calm on Monday after an aborted

weekend mutiny by Wagner Group mercenaries, while Western allies assessed how President Vladimir Putin might reassert authority and what it could mean for the war in Ukraine.

"Cheap Russian wheat had been expected to dominate world export markets in coming months because of a big harvest and large old crop supplies,” another trader said. “But there is more attention on Russian political risk today. There is no reason to expect any near term disruption to Russian export shipments but Russian export prices are likely to rise this week.”

Corn fell as forecasts for beneficial rain in the U.S. Midwest weighed.

Corn dropped 0.6% to $5.84 a bushel. Soybeans rose 0.1% to 13.12-1/2 a bushel.

Weather forecasts predict rain in parts of the U.S. Midwest this week, which analysts said could bolster the condition of U.S. crops before key growth stages this summer.

"Certainly, stress on the corn crop has moderated with some rain, less heat, and less direct sunlight," commodities research firm Hightower said.

Low demand for U.S. corn also weighed, with U.S weekly export sales of U.S. corn disappointing.

Rain in northern Europe should help wheat crops after a dry spring and may avert dire yield losses seen in drought-hit Spain. (Reporting by Michael Hogan in Hamburg, additional reporting by Naveen Thukral in Singapore, editing by Emelia Sithole-Matarise)