US wheat prices rose nearly 3 percent on Tuesday as selling pressure eased due to concerns about dryness for the maturing winter wheat crop, and soybeans bounced after dropping to a six-week low in the previous session. Corn also gained, following strength in the other two crops.
Hot, dry weather expected this week could hurt the developing hard red winter wheat crop in Kansas, the top winter wheat growing state, although the US crop overall is in much better shape than a year ago. Outside markets were more supportive for grains than a day earlier, with US stocks generally flat after Monday's losses as concerns eased over Europe's economy.
Chicago Board of Trade July soft red winter wheat futures rose 16-1/2 cents, or 2.7 percent, to $6.14-1/2 per bushel at 11:13 am CDT (1613 GMT), touching the highest price in nearly one week. Chicago July wheat lost 2 percent of its value last week, the second straight big weekly drop.
CBOT July soybean futures rose 17-3/4 cents, or 1.3 percent, to $14.04-3/4 per bushel in a technical bounce, after slipping to $13.76 per bushel on Monday, the lowest level since March 30. July corn futures added 12-1/2 cents, or 2.1 percent, to $5.95-1/4 per bushel, dragged higher by wheat, analysts said.