SYDNEY, May 21 (Reuters) - U.S. soybeans rose more than 2 percent on Monday after the United States and China agreed to drop tariff threats, easing fears about demand for North American oilseeds. The most active soybean futures on the Chicago Board Of Trade were up 2.2 percent at $10.20-3/4 a bushel by 0030 GMT, having firmed 0.4 percent on Friday. Wheat rose 1.2 percent to hit a two-week high, while corn jumped 1 percent. Analysts said the market was drawing comfort from an easing of tensions between the United States and China. "The U.S. and China have reached some sort of an agreement because, as much they perhaps do not like one another, they are each too big to ignore," said Tobin Gorey, director of agricultural strategy, Commonwealth Bank of Australia. The U.S. trade war with China is "on hold" after the world's largest economies agreed to drop their tariff threats while they work on a wider trade agreement, U.S. Treasury Secretary Steven Mnuchin said on Sunday. In April, China proposed a 25 percent tariff on U.S. soybeans as part of its response to Washington's plans to impose tariffs on a range of Chinese products, stoking market fears that the world's largest oilseed buyer would shift to South American suppliers. The most active corn futures were up 1.1 percent to $4.06-3/4 a bushel, having gained 1.8 percent in the previous session. The most active wheat futures were up 1.2 percent to $5.24-1/4 a bushel, having closed up 4.1 percent on Friday. Wheat also drew support as dry conditions are set to linger across the U.S. Plains, threatening further damage to an already parched crop. Grains prices at 0030 GMT Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 524.25 6.00 +1.16% +5.38% 501.33 63 CBOT corn 406.75 4.25 +1.06% +2.91% 398.00 67 CBOT soy 1020.75 22.25 +2.23% +2.59% 1035.68 54 CBOT rice 12.36 $0.03 +0.28% -1.12% $12.94 40 WTI crude 71.64 $0.36 +0.51% +0.21% $68.95 68 Currencies Euro/dlr $1.175 -$0.002 -0.19% -0.34% USD/AUD 0.7513 0.000 +0.03% +0.05% Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential (Reporting by Colin Packham; editing by Richard Pullin)