CBOT wheat futures climb with US Plains drought in focus

CHICAGO, March 31 (Reuters) - Chicago Board of Trade wheat futures turned higher for a second straight session on Tuesday, as persistent dryness in the U.S. Plains threatened to curb winter crop yields and traders kept the war in the Middle East in focus, market analysts said.

• CBOT May soft red winter wheat WK26 settled up 9-1/4 cents at $6.16-1/4 per bushel.

• K.C. May hard red winter wheat KWK26 ended 9-1/4 cents higher at $6.35-1/5 per bushel.

• Minneapolis May spring wheat MWEK26 settled up 6-1/2 cents at $6.58-1/2 per bushel.

• While traders have been closely tracking dry conditions across the U.S. Plains in regard to potential impacts on the wheat crop, there is growing concern it also might impact the start of the corn and soybean growing seasons as well, market analysts said.

• There is also concern that deteriorating ratings on the winter crop might mean that some of the wheat crop is too poor to be used for grazing in certain areas, market analysts said.

• In Kansas, 40% of the crop was in good or excellent condition as of Sunday, USDA said. That figure was down from 46% a week earlier and 49% a year ago.

• USDA also reported on Tuesday that the all-wheat planted acreage this year is estimated at 43.8 million acres, down 3% from a year earlier - which would be the smallest wheat acreage planted since the agency's records began in 1919.

• But the rally in wheat prices had more to do with weather concerns and investors betting the Iran war will end sooner rather than later, traders said.