Wheat and corn rose in Chicago after President Barack Obama said U.S. lawmakers agreed to raise the federal debt limit, avoiding a possible default. Both grains climbed for a first session in three after falling 2.6 percent on July 29 on concern talks would fail to produce an accord. Without an agreement, the U.S. may have defaulted tomorrow. The House plans votes on the measure today, and the Senate may follow suit. Raw materials from crude oil to tin advanced. “The early lift in the commodity complex certainly appears to be tied to the debt news that’s come out of the U.S.,” said Luke Mathews, a commodity strategist at Commonwealth Bank of Australia. “The markets have responded very positively.” December-delivery wheat gained 14.5 cents, or 2 percent, to $7.3025 a bushel by 11:02 a.m. London time on the Chicago Board of Trade. Milling wheat for November delivery traded on NYSE Liffe in Paris added 1.25 euros, or 0.6 percent, to 199 euros ($287) a metric ton. Corn for December delivery advanced 8 cents, or 1.2 percent, to $6.7675 a bushel in Chicago. Congressional leaders reached a bipartisan agreement to raise the $14.3 trillion debt ceiling by at least $2.1 trillion and slash government spending by $2.4 trillion or more. November-delivery soybeans rose 13.25 cents, or 1 percent, to $13.705 a bushel. The oilseed gained for a first session in four. Corn and soybean crops in reproductive and filling stages are likely to face increased stress in the U.S. Midwest as hotter, drier weather persists through the early part of this week before showers and more seasonal weather return later in the period, Joel Burgio, senior agricultural meteorologist at Telvent DTN Inc., said in a forecast July 29. To contact the reporters on this story: Ranjeetha Pakiam in Kuala Lumpur at rpakiam@bloomberg.net; Tony C. Dreibus in London at tdreibus@bloomberg.net. To contact the editor responsible for this story: Richard Dobson at rdobson4@bloomberg.net

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