* Wheat rises on lower-than-expected U.S. crop rating
* Rains expected to benefit global wheat crops
* Traders watch China to buy more U.S. corn, soy
CHICAGO, Oct 27 (Reuters) - Chicago Board of Trade corn
futures on Tuesday reached their highest in more than a year on
strong export demand, while wheat prices firmed on concerns
about crop conditions in the U.S. Plains, traders said.
Soybeans futures were near unchanged after hitting their
highest price since July 2016 on Monday.
Traders eyed the condition of wheat crops after the U.S.
Department of Agriculture, in a report issued after the markets
closed on Monday, said that 41% of U.S. winter wheat was in
good/excellent condition. That was below analysts' expectations
Dryness has hampered wheat plantings in the U.S. Plains and
other key countries such as Russia. However, precipitation is
improving the outlook for the crops in producing areas, analysts
"We've got moisture ahead," said Don Roose, president of
brokerage U.S. Commodities.
CBOT most-active wheat was up 3-1/2 cents at $6.23-1/2
a bushel at 1052 a.m. CDT (1552 GMT). Soybeans were down
1-1/2 cents at $10.82 a bushel. Corn was up 1/2 cent at
$4.18-1/4 a bushel, after reaching a session high of $4.22-1/4,
its highest price since August 2019.
Corn advanced following a flurry of tenders from countries
such as South Korea, Taiwan and Iran.
"Corn is being supported by firm demand, with the U.S. the
main supplier in the export market and expected to remain so
until into 2021," said Matt Ammermann, StoneX commodity risk
Traders are waiting to see whether China, the world's top
soybean importer, buys more U.S. corn and soy following a recent
uptick in purchases.
In Brazil, which competes with the United States for sales
to China, soy farmers had planted 23% of their estimated crop by
Thursday, according to agribusiness consultancy AgRural.
Rain should help Brazilian soybean planting, Ammermann said.
"Soybeans have been supported by demand from China for U.S.
beans, and an improved crop outlook in Brazil would give China
more buying options," he said.
(Reporting by Tom Polansek in Chicago; Additional reporting by
Michael Hogan in Hamburg and Naveen Thukral in Singapore;
Editing by Jan Harvey and David Evans)