Chicago wheat, corn gain on weather risks; soybeans also tick up

Chicago wheat and corn futures rose on Tuesday, supported by weather concerns in key growing regions and a weaker dollar, which makes U.S. farm goods more competitive.

Soybeans also inched higher but hovered near year-to-date lows amid the ongoing tariff concerns.

FUNDAMENTALS

* The most-active wheat contract on the Chicago Board of Trade (CBOT) ,, rose 0.75% to $5.41 a bushel as of 0052 GMT. Corn ,, added 0.32% to $4.66 a bushel.

* Soybeans ,, gained 0.51% to $9.88 a bushel.

* U.S. President Donald Trump threatened an additional 50% tariff on Chinese imports starting Wednesday unless Beijing withdraws its 34% retaliatory tariff on the United States following Trump's "reciprocal" duties.

* Traders are closely monitoring any tariff development that could further pressure demand for U.S. farm goods.

* The U.S. Department of Agriculture (USDA) on Monday rated 48% of the U.S. winter wheat crop to be in good-to-excellent condition, above analyst expectations but down from 56% a year ago.

* Weather concerns added support. Limited rainfall in the U.S. Central and Southern Plains is expected to worsen dryness for wheat, while heavy rain and flooding in the Ohio Valley and northern Delta have stalled corn planting, weather forecaster Maxar said.

* In Brazil, recent showers and more rain forecast through April brought relief to second corn crop farmers, according to an agribusiness consultancy and a weather forecaster.

* Commodity funds were net buyers of CBOT corn, soymeal and wheat futures contracts and net sellers of soybean and soyoil futures on Monday, traders said. (COMFUND/CBT)

MARKETS

The U.S. dollar weakened against the safe-haven Swiss franc in mixed trading on Monday as concerns about a global recession heightened following U.S. President Donald Trump's sweeping tariffs on trading partners.

DATA/EVENTS (GMT)

0645 France Reserve Assets Total Mar