CBOT wheat rises to 3-1/2-month high

CHICAGO: US wheat futures rose on Tuesday, supported by concerns that heavy rains in key growing areas of the United States damaged some of the crop during the weekend, traders said.

* The most active Chicago Board of Trade soft red winter wheat contract hit its highest since Feb. 14.

* K.C. hard red winter wheat futures, which track the crop being grown in the US Plains, posted the biggest gains, with the July contract rising 4.3 percent.

* The wheat market also drew strength from a rally in corn futures and a round of short-covering.

* Analysts were expecting a US Agriculture Department report on Tuesday afternoon to show good-to-excellent ratings for the US winter wheat crop slipping 1 percentage point to 65 percent.

* The most-active CBOT July soft red winter wheat contract rose above the high end of its 20-day Bollinger range during Tuesday's session. Resistance was noted at the 200-day moving average.