US grain futures extended their rally in midmorning trading on Tuesday, with soyabeans tracking their biggest gain in nearly seven months on talk of fresh purchases by China after prices fell to a one-year low earlier this month. Wheat gained 4 percent and corn rose 3.7 percent as investors tidied up their positions ahead of the US Agriculture Department's monthly world supply and demand report on Wednesday.
"There is a lot of short covering before tomorrow's reports," said Paul Haugens, vice president for Newedge USA. Grains were higher on a day when oil was lower on worries over Europe's debt crisis, along with gold and copper. At 10:44 a.m. CDT (1544 GMT), CBOT November soyabeans were up 39-1/2 cents at $12.17 a bushel. December corn was up 22-1/2 cents at $6.27-1/2 a bushel and December wheat was up 26-1/2 cents at $6.38 a bushel.
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