Chicago wheat rose sharply on Wednesday, ending a five-day losing streak on concern rain storms could damage U.S. crops, with positioning ahead of a closely-watched meeting to decide U.S.
interest rates also supporting.

Soybeans also touched a five-week high amid worries over U.S. crop conditions and a slower pace of planting shown in U.S. crop reports on Monday.

Chicago Board of Trade July wheat rose 1.9 percent to $4.98-1/4 a bushel at 1043 GMT.

"A tropical storm will bring heavy rainfall in already wet areas in Texas and Oklahoma, which is likely to cause flooding and crop losses for winter wheat
and this is supporting wheat today," said Commerzbank analyst Carsten Fritsch. "The most recent upward revision of the U.S. winter wheat crop by the USDA (U.S.
Department of Agriculture) looks more and more doubtful."

Wheat fell in the last week after the USDA raised crop estimates in its monthly world supply and demand report. 

"Wheat is being supported today by bargain-buying after recent falls and some positioning ahead of the meeting of the U.S. Federal Reserve which could signal a change in U.S. interest rate policy," said Frank Rijkers, agrifood
economist at ABN AMRO Bank. "There is also support for wheat from concerns about unfavorable weather in the U.S. and about the danger to the Australian crop
from the El Nino weather phenomenon."

July soybeans continued recent strength, rising 1.1 percent to $9.68 a bushel, after hitting $9.68-3/4 earlier on Wednesday, their highest since May
12. July corn rose 1.1 percent to $3.58-1/4 a bushel.

"Soybeans are supported by the downgrade to the U.S. crop ratings and reports showing a slower rate of sowings than usual," Rijkers said.

Corn is also benefitting from bargain-buying, with background worry about U.S. crop development and the seeding delays in the United States."

Monday's crop conditions reports showed the soybean crop was rated 67 percent good to excellent, down from 69 percent the prior week. Overall, 87 percent of the soy crop was planted, up from 79 percent the week before but
still behind the five-year average of 90 percent by mid-June.