Wheat up for third day, corn and soybean regain ground

PARIS/SINGAPORE, Oct 9 (Reuters): Chicago wheat futures extended gains into a third session on Wednesday, supported by concern over poor weather in top exporter Russia and a run of demand from importers.

Soybeans rose after hitting a two-week low on Tuesday while corn also turned higher.

The most-active wheat contract on the Chicago Board of Trade (CBOT) was up 1.4% at $6.03 a bushel by 1153 GMT to move back towards a 3-1/2 month peak of $6.17-1/2 struck last week.

Traders are awaiting an updated estimate of Russia's 2024 grain harvest on Thursday from the country's agriculture ministry to gauge the impact of adverse weather, while also monitoring rain prospects in drought-hit zones where farmers are trying to plant winter wheat for next year.

Agriculture Minister Oksana Lut said on Wednesday that the country aims to sow a total of 20 million hectares of winter grain like last year, with 13 million hectares drilled so far.

But with the planting window closing in central zones ahead of winter, traders doubted whether the target would be met.

"The weather situation in Russia is still a concern," a European trader said. "The market is also getting support from demand which has come back strongly."

Importers Saudi Arabia and Algeria have bought wheat in tenders this week, following a large reported deal struck by Egypt last week for Black Sea wheat.

While short-term availability of competitive Black Sea supplies has kept a lid on the wheat market, a rise in Russian prices and speculation that Moscow could limit export volumes have contributed to the firm trend, traders said.

CBOT soybeans added 0.3% to $10.19-3/4 a bushel and CBOT corn rose 0.5% to $4.22-3/4 a bushel.

The gradual return of rain this month to drought-affected parts of central and northern Brazil is expected to help soybean planting in the world's biggest exporter of the crop.