* Saudi Arabia's SAGO buys 1.3 mln tonnes of wheat
* Results awaited on Egyptian wheat tender
* Monthly USDA oils and fats report due at 1400 CDT
LONDON, Nov 1 (Reuters) - Chicago wheat futures rose to
their highest level in 8-1/2 years on Monday, buoyed by strong
demand against the backdrop of tightening world supplies, while
corn prices edged higher.
Dealers noted a massive wheat purchase by Saudi Arabia,
while top importer Egypt was also in the market on Monday.
Saudi Arabia's main state wheat buying agency, the Saudi
Grains Organisation, said on Monday it had bought about 1.3
million tonnes of milling wheat at an average price of $377.54
The lowest offer presented at an Egyptian state purchasing
tender for wheat on Monday was $331.90 per tonne for 60,000
tonnes of Russian wheat on a free-on-board (FOB) basis, traders
The most-active wheat contract on the Chicago Board of Trade
gained 1.5% to $7.84-1/4 a bushel by 1138 GMT, after
peaking at $7.84-3/4 - the highest since February 2013.
Poor spring wheat harvests and an export duty imposed by
Russia have heightened expectations of relatively tight
supplies this season.
Prices in Europe also rose with March milling wheat on
Euronext up by 1.6% at a 13-1/2-year peak of 283.50
euros a tonne.
CBOT corn rose 0.3% to $5.69-3/4 a bushel, while
soybeans fell 0.5% to $12.43-1/2 a bushel.
Large speculators raised their net long position in CBOT
corn futures in the week to Oct. 26, regulatory data released on
U.S. soybean crushings likely declined to 4.907 million
short tons, or 163.6 million bushels, in September, according to
the average forecast of nine analysts surveyed by Reuters ahead
of a monthly U.S. Department of Agriculture (USDA) report.
The USDA is scheduled to release its monthly fats and oils
report at 1400 CDT on Monday.
(Additional reporting by Naveen Thukral in Singapore; Editing
by Subhranshu Sahu and Shailesh Kuber)