CBOT wheat futures gained on concern that dry weather in Russia, the world's second-largest exporter, and other producing countries in Europe and Central Asia may curb harvests, paring global supply.

September-delivery wheat rose as much as 0.9% to US$5.075 a bushel on the CBOT, erasing a 0.6% loss earlier. The contract traded at US$5.06 a bushel, up 0.6%, at 9:18 a.m. Manila time.

Russia will have warmer weather, with mean temperatures ranging from 21 to 22 degrees Celsius beginning tomorrow through July 13, according to weather forecasts on the Bloomberg. That is higher than the 30-year average of 18.3 degrees Celsius for the period, according to data compiled by Bloomberg.

"Concern is mounting regarding the dry and hot situation developing in western Europe, parts of Russia and former CIS regions," Commonwealth Bank of Australia said in a report emailed today (July 6), referring to the former Commonwealth of Independent States. "Some crop damage is likely for corn, sunseed and spring wheat crops."

The European Union, the world's largest wheat-producing region, was forecast by the USDA to export 22 million tonnes in the 2010-2011 season, up from 21 million tonnes a year earlier.

Kazakhstan, forecast to be the world's fifth-largest wheat exporter in the 2010-2011 season, will have mean temperatures ranging from 22.4 degrees Celsius to 26.3 degrees Celsius between tomorrow and Tuesday (July 13), according to forecasts on the Bloomberg. That compares with a 30-year average of 23 degrees Celsius.

Corn for December delivery slumped as much as 1.4% to US$3.79 a bushel, before trading little changed at US$3.8425 a bushel a bushel. November-delivery soy lost as much as 0.7% to US$8.9975 a bushel, before trading at US$9.035.