Soy and corn rise on weather risks, wheat up on short covering
Corn, soy futures rise on concerns over US dryness, increasing Chinese demand
Wheat up on short covering
Updates with closing prices
By Heather Schlitz
CHICAGO, Sept 4 (Reuters) -Chicago soy futures rose onWednesday on support from short-covering and weather risks.
Cornon the Chicago Board of Trade (CBOT) rose on spillover support from soy futures while wheat increased as harvest pressure eased and traders covered short positions.
Industry players have been assessing whether overly dry weather in the U.S. Midwest will dent earlier projections of bumper soybean yields in the upcoming harvest.
"We're not ending the growing season in ideal fashion. Some of these areas need rain to reach their maximum yield potential," Mark Soderberg, analyst at ADM, said.
Dryness is stressing roughly 25% of the nation's corn and soy crop, Commodity Weather Group said in a note.
The U.S. Department of Agriculture reduced its weekly rating for soybean crops more than anticipated after Tuesday's market close. The condition of corn crops held steady last week, surpassing average analyst expectations.
CBOT corn Cv1 inched up 3-1/2 cents to $4.12-3/4 per bushel. Soybeans Sv1 settled up 9-1/2 cents to $10.21-1/2 per bushel. Soybeans have also been supported as the possibility of Chinese tariffs on Canadian canola raised hopes that China could buy more U.S. soy.
The most-active CBOT wheat contract Wv1 settled up 14 cents at $5.80-3/4 per bushel.
All three crops have been moving away from near four-year lows, with the recovery boosted by short-covering and a weaker dollar amid a risk-off mood in financial markets. GRA/
Farmers continued to clear out old-crop corn to make room for the new harvest, pressuring the nearby corn contract, though selling of old-crop soybeans hasslowed to a trickle.
Russian wheat prices have stabilized and strengthening European wheat prices have added support to U.S. wheat futures and spurred short covering, traders said.
"Wheat is taking cues from overseas," Tom Fritz, broker at EFG Group, said.
Reporting by Heather Schlitz in Chicago. Additional reporting by Gus Trompiz in Paris and Peter Hobson in Canberra; Editing by Marguerita Choy, Alan Barona and Leslie Adler
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