Wheat at 10-month peak on weather worries

SYDNEY, May 29 (Reuters): US wheat futures rose nearly 1.5 per cent to hit their highest in more than 10 months on Tuesday, with traders worried that adverse weather across key growing regions would crimp production.

Corn climbed more than 0.5 per cent, drawing support from wheat, while soybeans advanced for a second consecutive session.

The most active wheat futures on the Chicago Board of Trade were up 1.4 per cent at $5.50-3/4 a bushel by 0421 GMT. They earlier touched their highest since July 2017 at $5.52 a bushel, after closing up 2.4 per cent on Friday.

"US regions were very hot over the weekend," said Tobin Gorey, director of agricultural strategy, Commonwealth Bank of Australia. "More bad news for wheat crops that are already struggling."

The outlook in the United States comes as wheat farmers in Australia and Russia, two major grain exporters continue to struggle with unfavourable weather.

The most active corn futures rose 0.7 per cent to $4.09 a bushel, having gained 0.4 per cent in the previous session.

The most active soybean futures were up 0.7 per cent at $10.48-1/2 a bushel, after firming 0.6 per cent on Friday.

Soybeans have drawn support in recent days amid a thawing of relations between the United State and China.