* Traders expect USDA to cut crop supply view in monthly report
* Brazil rains seen stalling soy harvest, corn planting
* Frigid weather in U.S. grain belt lifts wheat (Rewrites throughout with U.S. market open, adds quote, updates prices, changes byline, changes dateline from HAMBURG)
By Karl Plume
CHICAGO, Feb 8 (Reuters) - U.S. corn futures rallied to a 7-1/2 year peak on Monday on buying ahead of a monthly U.S. government crop report that is expected to show supplies of the grain tightening amid robust demand.
Soybean and wheat futures also advanced in anticipation of the U.S. Department of Agriculture (USDA) report scheduled for release during the trading session on Tuesday.
Adverse weather in key crop production areas offered additional strength, along with a weaker U.S. dollar and spillover support from higher crude oil and equities markets.
Analysts polled by Reuters expect the USDA to make further cuts to its end-of-season supply outlooks on Tuesday for corn, soybeans and wheat, while also trimming its harvest views for Brazilian and Argentine corn and soy.
"We're got a USDA report tomorrow and the trade has some pretty bullish expectations," said Ted Seifried, chief ag market strategist at Zaner Group.
Wheat futures drew some additional support from potentially crop-damaging cold across the U.S. wheat belt, while rains in parts of Brazil stoked concerns about delays in harvesting the soybean crop and planting corn in its wake.
Demand, meanwhile, remains robust, particularly from China. The world's top commodity importer has already purchased record volumes of U.S. soybeans and recently made its largest U.S. corn purchases on record.
The USDA on Monday reported stronger-than-expected corn export inspections last week, while soybean inspections were near the high end of trade forecasts.
Chicago Board of Trade (CBOT) March corn futures were up 16 cents at $5.64-1/2 a bushel at 12:52 p.m. CST (1852 GMT) after peaking at $5.65-3/4, the highest for a most-active contract since June 28, 2013.
March soybeans gained 21 cents to $13.87-3/4 a bushel, while CBOT March wheat rose 13 cents to $6.54-1/4 a bushel. (Additional reporting by Michael Hogan in Hamburg and Naveen Thukral in Singapore, editing by Jane Merriman and Cynthia Osterman)
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The Link LonkFebruary 09, 2021 at 02:03AM
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GRAINS-Corn rallies to 7-1/2 year high ahead of monthly USDA report - Successful Farming
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