CHICAGO, (Xinhua News Agency) – Chicago wheat and soybean futures both rallied on Wednesday, lifted by increasing demand, wet weather, and a strong rally in crude oil. Corn also climbed.

July soybean rose 8.25 cents or 0.9 percent to 9.5775 U.S. dollars a bushel. July wheat surged 9.5 cents, or 2.1 percent, to 4.6125 dollars per bushel. July corn rose 2.5 cents, or 0.7 percent, to 3.5625 dollars per bushel.

Crude oil prices surged for a third straight session and settled at a six-week high on Wednesday, despite a rise in U.S. crude inventories. The sharply higher oil price has given strong support to grain futures.

“The stock markets stabilized today, euro is no longer a grip of fear over these commodity markets, and crude oil price is heading toward 80 dollars. And if crude oil heads toward 80 dollars, commodities in general will rise,” said Michael Seery from Olympus Futures.

The report that Saudi Arabia’s state grains buyer is tendering to buy 990,000 tons of wheat has boosted wheat future on Wednesday, given the fact that lasting wet weather in the Canadian Prairies halted winter-wheat harvest and damaged crops. Meanwhile, the excessive moisture in U.S southern Plains brought winter-wheat harvest to a standstill.

“Today the Grain prices were all on the rise once again, several days in a row. The oats prices actually have led this commodity rally due to the Canadian crisis of huge wetness in the last couple of days. Big rains washed out a lot of the crops. Since oats are feeding ingredient, so it was pushing up corn and wheat prices,” according to Michael Seery.

Soybean climbed on the report that more rainfalls are expected in the saturated Canadian prairies which may reduce acreage for canola, as well as the unconfirmed report that China would purchase more U.S. soybean.

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