2013.07.31 21:58:33 U.S. wheat up 1.4 pct; weather outlook blunts corn, soy gains

• U.S. wheat futures rose for the fourth day in a row on Wednesday. The benchmark Chicago Board of Trade September soft red winter wheat futures contract gained 1.4 percent, its biggest daily rally since July 9.
• Soybeans dropped 12.2 percent this month -- their biggest monthly drop since September 2011 -- and wheat was up 2.4 percent.
• CBOT September wheat settled up 9 cents at $6.64-1/4 a bushel at 10:38 a.m. CDT (1538 GMT). The contract settled above a key technical resistance point at its 20-day moving average for the first time since July 12.
• CBOT August soybeans were 24 cents higher at $13.74, but volume was thin as the contract was in the delivery period. The new-crop November contract was up 3-1/4 cents at $12.06-1/4 a bushel, bouncing slightly after hitting its lowest in more than three months early in the day.
• CBOT September corn was up 3-1/2 cents at $4.99 a bushel and new-crop December up 1-1/2 cents at $4.79 a bushel.