US wheat climbs 1pct on Russia's import prospects

US wheat futures bounced back on Monday, rising more than 1 per cent on growing hopes for drought-hit Russia to import grains for the first time in 10 years amid concerns over floods damaging grains in Pakistan. Corn was little changed after rising more than 2 per cent last week on strong demand while soybeans rose from Friday's three-week low.

Chicago front-month wheat fell 3.3 per cent last week in its biggest weekly losses since early June after Russia ruled out importing grains this year and Statistics Canada forecast a bigger-than-expected crop. But on Monday, Chicago Board of Trade wheat for September delivery was up again, rising one percent to $6.86 a bushel by 0334 GMT and the most-active December contract gained 1.2 per cent to $7.20-¼ a bushel. The December contract is expected to rise to $7.54-½ per bushel, based on its wave pattern and a consolidation range of $7.03 to $7.28-3/4, according to a technical analysis. Russia, the world's third biggest wheat exporter last year, will have to import millions of tonnes of grain for the first time in more than 10 years after its worst drought in more than a century, analysts said last week.