Wheat gains as US crop gets off to poor start
Adds analyst comment, updates prices
CANBERRA, Nov 5 (Reuters) -Chicago wheat futures rose on Tuesday, after data showed that the U.S. winter wheat crop was off to its second-worststart since records began in 1986 and traders braced for the outcome of the U.S. presidential election.
Corn and soybean futures also gained amid improved U.S. export demand.
The most-active wheat contract on the Chicago Board of Trade Wv1 was up 0.2% at $5.69-3/4 a bushel at 0448 GMT, while CBOT soybeans Sv1 rose 0.4% to $10.01 a bushel and corn Cv1 climbed 0.1% to $4.16-3/4 a bushel.
All three contracts hit four-year lows in recent months but have regained some ground.
The U.S. Department of Agriculture said 41% of the recently seeded U.S. wheat crop was in good-to-excellent condition as of Sunday.
Dry conditions complicated planting in the United States and have also threatened crops in Australia, Argentina and the Black Sea region.
Recent rain and forecasts for more wet weather have eased concerns in the U.S. and Argentina but other areas remain dry.
"Northern (hemisphere) winter wheat crop worries have shrunk somewhat," said independent analyst Tobin Gorey. "But lower production remains likely ... Ukraine's east and Russia's south-west remain on a track to poor establishment at best."
These concerns should support wheat prices, Gorey said.
Meanwhile, GASC, Egypt's state grains buyer, is believed to have bought 290,000 metric tons of wheat in an international tender, with plentiful offers of Black Sea supply underscoring export competition and weighing on Euronext wheat prices, traders said.
In other crops, U.S. exporters on Monday extended a run of solid corn and soybean sales, the USDA's reporting system shows. Low prices have boosted exports as massive U.S. harvests increased supplies. Those harvests are now winding down.
The market is awaiting the outcome of Tuesday's U.S. presidential election amid concerns that Donald Trump's proposed tariffs could disrupt agricultural trade if enacted.
Traders are also looking ahead to monthly report on Friday from the USDA that will contain supply and demand and stockpiles estimates.
Reporting by Peter Hobson; Editing by Sumana Nandy and Rashmi Aich
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