GRAINS-Chicago corn and wheat rise on weather concerns

BEIJING, April 28 (Reuters) - Chicago corn futures rose to a one-month high on Tuesday, supported by strong export demand and weather worries in the U.S. Midwest.

Wheat also edged higher on concerns about dryness in the U.S. Plains, while soybeans traded close to a six-week high.

FUNDAMENTALS

The most-active wheat contract on the Chicago Board of Trade (CBOT) Wv1 was up 0.12% at $6.30-1/2 a bushel, as of 0040 GMT, hovering near a two-month high.

Soybeans Sv1 rose 0.02% to $11.92-1/4 a bushel, close to a six-week high, while corn Cv1 climbed 0.16% to $4.7 a bushel.

Early U.S. soybean and corn planting has been making good progress, though storms expected in the U.S. Midwest could delay seeding in some areas.

Overly wet weather over the U.S. corn belt and strong export demand underpinned corn prices.

The U.S. Department of Agriculture on Monday rated 30% of the nation's winter wheat crop in good-to-excellent condition, unchanged from the previous week, while most analysts surveyed by Reuters had expected a slight decline.

Traders are monitoring rainy weather in the U.S. Plains wheat belt that could help ease drought-stressed wheat crops, though some areas may have already experienced yield loss and rain is forecast to miss other dry areas.

Saudi Arabia's main state buying agency, the General Food Security Authority (GFSA), said it bought 985,000 metric tons of wheat in an international tender.

Farmers around the world are facing the second surge in fertiliser prices in four years due to the Iran war. The Middle East is a leading fertiliser production hub, and much of the global fertiliser trade typically passes through the Strait of Hormuz, which has seen traffic brought to a standstill by the conflict.

Commodity funds were net buyers of CBOT corn, soy and wheat, traders said on Monday. CBOT/FUNDS

MARKET NEWS

MSCI's global equities index advanced modestly on Monday after the White House said President Donald Trump was reviewing a proposal from Iran while investors looked cautiously ahead to a busy week of megacap earnings reports, economic data and central bank decisions. MKTS/GLOB

DATA/EVENTS (GMT)

1000 France Unemp Class-A SA Mar

1400 US Consumer Confidence Apr