Wheat up for third day, corn and soybean regain ground
Fears of Russian weather-related losses underpin wheat
Wave of importer demand also supports wheat prices
Soy and corn futures edge up after falling on oil slide
Rewrites throughout; adds quote; updates prices; changes bullets; changes byline, changes dateline, previous PARIS/SINGAPORE
By P.J. Huffstutter
CHICAGO, Oct 9 (Reuters) -Chicago Board of Trade corn and soybean futures ticked higher on Wednesday, as traders began adjusting positions ahead of a key government report and uncertainty over South American weather, market analysts said.
CBOT wheat futures extended gains into a third session amid ongoing concerns over weather in Russia and a recent flurry of demand from importers. GRA/TEND
The most-active CBOT wheat contract Wv1 was up 0.5% at $5.97-3/4 a bushel at 1544 GMT, after earlier touching a high of $6.04-3/4, the highest price since Oct. 2.
CBOT soybeans Sv1 added 0.64% to $10.22-3/4 a bushel and CBOT corn Cv1 rose 0.24% to $4.21-3/4 a bushel.
Dry weather conditions in South America have bolstered soybean and corn futures recently, as planting is underway. Below-average rainfall - even through the rainy season - has plagued the Amazon and much of South America since last year.
But different weather models are giving conflicting outlooks, with one calling for rainfall in Argentina and another saying things will stay dry.
"Neither of these outlooks is supportive of the crop sizes that some analysts are currently predicting according to sources in South America," said Karl Setzer, partner at Consus Ag Consulting.
Weakness in crude oil LCOc1 kept a cap on corn and soy prices, as weak demand and rising U.S. inventories countered the risk of supply disruption from conflict in the Middle East and Hurricane Milton in the U.S. Both are used in the production of fuel-based products.
And wheat traders said they are awaiting an updated estimate of Russia's 2024 grain harvest on Thursday from the country's agriculture ministry to gauge the impact of adverse weather, while also monitoring rain prospects in drought-hit zones where farmers are trying to plant winter wheat for next year.
Additional reporting by Gus Trompiz in Paris and Naveen Thukral in Singapore; Editing by Subhranshu Sahu, Chizu Nomiyama and Jonathan Oatis
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