US wheat futures climbed for a second straight day on Thursday on bargain buying following the market's recent drop and on a weather-reduced wheat crop in Russia, the world's top exporter. Corn followed wheat higher, underpinned by concerns that heavy rains and flooding in parts of the US Midwest could drag down crop prospects.
Soyabeans eased on continued worries about poor demand from China amid rising trade tensions between the United States and the world's top soyabean importer. A weaker US dollar gave grain markets underlying support on hopes that the currency move could, along with lower grain prices, ignite better export demand.
Chicago Board of Trade July soft red winter wheat rose 6-1/2 cents, or 1.3 percent, to $4.94-3/4 a bushel by 11:12 a.m. CDT (1612 GMT). Technical buying following the contract's close above its 200-day moving average on Wednesday supported prices.
A sharply lower Russian wheat production forecast by French consultancy Agritel also fueled buying. The group said Russia's crop would drop to 67.4 million tonnes this year, down 21.5 percent from the prior year's record crop following adverse weather that hit the country's winter and spring crops.
Bad weather has also hit the wheat crop in China, the world's top producer and consumer of the grain.
CBOT July corn gained 1-3/4 cents, or 0.5 percent, to $3.56 a bushel after widespread rains in the heart if the Midwest corn belt caused localized flooding that submerged some crops.
CBOT July soyabeans fell 8-1/2 cents, or 1 percent, to $8.81 a bushel, with prices holding within a narrow range during the session after volatile trading earlier in the week that saw the market fall to a 9-1/2 year low.