Chicago Board of Trade (CBOT) wheat futures advanced on Wednesday on spillover support from gains in the corn and soybean markets, traders said. CBOT July soft red winter wheat jumped 8-1/4 cents, or 1.6%, to $5.26-1/4 a bushel. The contract set its highest price since June 4. K.C. July hard red winter wheat ended up 5-1/4 cents, or 1.2%, at $4.62-3/4 a bushel.
MGEX July spring wheat settled down 4-3/4-cents, or 0.8%, at $5.64-3/4 a bushel. Corn and soybeans also rallied, supported by concerns about wet weather preventing US plantings. "If corn continues to rally, the wheat will continue to rally as well," said Brian Hoops, president of US broker Midwest Market Solutions.
Worries about hot, dry weather reducing wheat yields in the Black Sea Region helped underpin US wheat futures, traders said. Russia is the world's top wheat exporter.