CBOT wheat jumps on spillover support from corn, soybean gains

CHICAGO: 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.

* Heat and dryness were expected to continue across nearly all of the region over the next 10 days, and could put stress on wheat plants, according to weather firm Maxar.

* MGEX wheat futures came under pressure from expectations for beneficial rains in growing areas of the northern US Plains and Canada, where conditions have been dry, analysts said.