(New throughout; updates prices, adds quotes, changes byline,
changes dateline from previous PARIS/SYDNEY)
CHICAGO, July 15 (Reuters) - U.S. wheat futures rose more
than 3% on Wednesday and touched a 2-1/2 month high as rising
global cash prices triggered a round of speculative buying and
short-covering, traders and analysts said.
Soybean and corn futures also rose despite outlooks for
generally favorable weather and adequate rains in the Midwest.
As of 12:45 p.m. CDT (1745 GMT), Chicago Board of Trade
September wheat was up 21-1/4 cents at $5.48 per bushel
after reaching $5.49, the contract's highest since April 24.
CBOT November soybeans were up 6 cents at $8.83-1/2 a
bushel and December corn was up 1/2 cent at $3.34-1/4 a
Wheat led the way up as traders considered that top global
importer Egypt booked Russian wheat at an international tender
on Tuesday for $226.75 per tonne, including freight, up roughly
$8 from what it paid at a similar tender a week earlier.
"That tells me that world prices are going higher," said Tom
Fritz, a partner with EFG Group in Chicago.
Others attributed the move in the often-volatile CBOT wheat
futures market to speculative buying and short-covering.
"Money flow is coming into Chicago wheat ... We've seen this
before, where the wheat market goes after the blood of the
shorts," said Terry Linn, analyst with Linn & Associates.
Soybeans drew support from expectations of fresh demand from
China and bullish monthly U.S. soy crushing data. The National
Oilseed Processors Association (NOPA) said its members crushed
167.3 million bushels of soybeans in June, above the highest in
a range of trade estimates.
China booked fresh purchases of U.S. soybeans and corn, the
U.S. Department of Agriculture confirmed Wednesday, despite
concerns that the top buyer of American agricultural goods would
slow its import pace after U.S. President Donald Trump signed an
executive order ending preferential economic treatment for Hong
Also, global vegetable markets firmed, including Malaysian
palm oil futures, buoying allied CBOT soyoil futures.
Corn futures trailed the advances in wheat and soybeans as
beneficial crop weather was expected in most of the Midwest for
the balance of July, bolstering expectations for large harvests
(Additional reporting by Gus Trompiz in Paris and Colin Packham
in Sydney; Editing by Louise Heavens and Aurora Ellis)