US futures firm as wider rally, weather doubts support

PARIS/SINGAPORE:L Chicago wheat, corn and soybean futures rose on Tuesday as a broad rally in stocks and commodities as well as continuing weather concerns encouraged traders to square positions after recent losses.

Wheat was higher for a second day, regaining more ground after a sharp pullback last week, as strong demand from importers and persisting risks to crops in dry US and Russian growing belts underpinned the market.

The most-active wheat contract on the Chicago Board of Trade (CBOT) ended the overnight trading session up 0.9% at $6.13 a bushel.

Soybeans rose 1.2% to $10.64-1/2 a bushel while corn added 0.7% to $4.00-1/4 a bushel.

"Physical demand remains strong, which could help Chicago wheat hold firm in the coming days, allowing for the context of the US elections that will bring some market volatility," a European broker said.

President Donald Trump and Democratic rival Joe Biden made a last-ditch push for votes in battleground states on Monday as their campaigns prepared for post-election disputes that could prolong a divisive presidential election.

Share prices rallied while oil prices rebounded sharply.

The US Department of Agriculture said on Monday that the US corn harvest was 82% complete, ahead of the five-year average of 69%, and the soybean crop was 87% harvested, ahead of the five-year average of 83%.

However, both figures fell short of the average expectations in a Reuters poll of analysts.

The USDA rated 43% of the US winter wheat crop in good to excellent condition, up from 41% a week earlier but below the average estimate of 45% in a Reuters survey.