US wheat rose Monday, extending a five day rally as optimism over progress on solving the eurozone debt crisis and a weaker dollar helped lift grain markets. Gains were modest after solid advances that left spot wheat traded on the Chicago Board of Trade up 6-1/2 percent last week, the biggest weekly advance in nearly five months and a reversal from four straight weeks of declines.
Corn and soyabean futures were also higher early on Monday. Traders said chief support came from talk that the European Central Bank may lend to weak eurozone countries via the International Monetary Fund. "What we're looking at is a little bit of follow-through technical support on the grains, also some renewed optimism on the EU debt situation," said Prudential analyst Shawn McCambridge. "We are going to watch the situation over in Europe." At 9:52 am CST, CBOT December wheat was up 4-1/2 cents at $6.16-3/4, December corn was up 4 at $5.90-1/2 and January soyabeans were up 5-1/4 at $11.41. The gains Monday come after CBOT corn ended last week up nearly 1 percent, closing in the black for the first time in three weeks. Soyabeans last week posted a gain of 2-1/2 percent, the biggest weekly advance since mid-October.