CHICAGO, June 2 (Reuters) - U.S. corn and soybean futures rose on Friday, lifted by bargain-buying following this week's multi-month lows, dryness in the Midwest crop belt and spillover strength from equities and crude oil, traders said.
Wheat followed the firm trend, drawing additional support from weather concerns in
China
and tensions over a shipping corridor from war-torn Ukraine.
As of 1:01 p.m. CDT (1801 GMT), Chicago Board of Trade July corn was up 16-1/2 cents at $6.09 per bushel, pushing through chart resistance at its 50-day moving average near $6.05. CBOT July soybeans were up 22-1/2 cents at $13.52 a bushel and July wheat was up 7-1/4 cents at $6.18 a bushel.
Mediocre
weekly export sales
of U.S. corn, soybeans and wheat underscored market worries about poor demand. But futures for all three grains rallied as traders focused instead on U.S. crop weather, with dryness building in portions of the Midwest.
"The weather is becoming an increasing concern, especially in the corn and to a lesser extent the beans," said Jack Scoville, analyst with the Price Futures Group in Chicago.
An improving macroeconomic outlook lent support. Wall Street equity markets rose on bullish U.S. jobs data and congressional approval of
legislation
to avert a catastrophic debt default.
"Crude oil is up and equities are up, so a bit more of a risk-on vibe, in general. But the dollar index is firm, so that offsets some of that friendly tone," said Terry Linn, analyst with Linn & Associates in Chicago.
Traders continued to monitor tensions over a shipping corridor from war-torn Ukraine.
Kyiv said on Thursday the U.N.-brokered Black Sea grain export deal had been halted again as Russia had blocked the registration of ships to all Ukrainian ports. (Additional reporting by Gus Trompiz in Paris and Enrico Dela Cruz in Manila; editing by Shailesh Kuber, Sohini Goswami, Rashmi Aich and Paul Simao)
