CBOT wheat futures surge over 3 pct on slow growth, bad quality

CHICAGO, May 1 (Xinhua) -- Chicago Board of Trade (CBOT) grains closed higher on Tuesday, with wheat futures surging over three percent, mostly on reports that adverse weather has stunted the U.S. hard-red winter wheat crop.

The annual Kansas Wheat Tour kicked off in the morning showed that cold and dry weather had slowed the growth. Some reports from fields indicated that the crop was in fairly bad shape.

Corn futures went up as wet weather continued to keep producers from planting in parts of the U.S. Midwest, while soybean futures rose on investors' technical buying.

The most active corn contract for July delivery went up 5 cents, or 1.25 percent to close at 4.0575 dollars per bushel. July wheat delivery added 18.75 cents, or 3.67 percent to close at 5.2925 dollars per bushel. July soybean delivery rose 4.75 cents, or 0.45 percent to close at 10.5325 dollars per bushel.

CBOT brokers reported that funds on Tuesday bought 7,000-10,000 contracts of wheat, 10,000-12,000 contracts of corn, and 3,000-4,000 contracts of soybean. Enditem