US wheat futures firmed for the fourth day in a row on Tuesday, but gains were limited as the market waited for details on how much crop damage was caused by a snowstorm that hit key production areas of the US Plains during the weekend. Soyabean futures also edged higher while corn was weaker after a planting report showed that farmers had caught up to the typical pace of seeding.

Chicago Board of Trade soft red winter wheat futures peaked at their highest since March 6 during the overnight trading session after surging 5.5 percent on Monday. K.C. hard red winter wheat, which tracks the crop being grown in the Plains, hit its highest since March 7. Both CBOT wheat and K.C. wheat briefly dipped into negative territory on Tuesday morning before recovering. At 10:20 am CDT (1520 GMT), CBOT July soft red winter wheat was up 3 cents at $4.59 a bushel. K.C. hard red winter wheat for July delivery was 5-1/2 cents higher at $4.71-1/4 a bushel. CBOT July corn futures were down 3-1/4 cents at $3.74-1/4 a bushel.

The US Agriculture Department said on Monday afternoon that US farmers have sown 34 percent of their corn crop, in line with the five-year average and more than analysts had been expecting. CBOT July soyabean futures were up 3 cents at $9.73-1/4 a bushel. Malaysian palm oil futures rose on Tuesday evening in their second consecutive day of gains, helped by strong export data.

Copyright Reuters, 2017