US wheat and soyabeans firmed on Wednesday, reversing overnight losses, on technical buying and a mild round of short-covering, traders said. Corn futures held steady, with buyers wary of pushing prices higher amid a swift pace of planting in the US Midwest. Sharp declines on Tuesday caused investors to step in and cover bearish bets despite a bleak fundamental picture for all three commodities that kept Wednesday's gains in check.
Wheat, which was leading the market, turned higher after flirting with Tuesday's lows during the overnight session. Technical support was noted for corn at the benchmark Chicago Board of Trade July contract's 30-day moving average, a level it has not closed below since April 12. Soyabean futures found support near the weekly low, with buyers stepping in despite improving conditions for harvest in Argentina that should boost the amount of supplies available for exporters.
At 10:05 am CST (1505 GMT), CBOT July wheat was up 4 cents at $4.74-3/4 a bushel. Crop scouts starting the annual tour of hard red winter wheat in the US grains powerhouse Kansas projected an average yield of 47.2 bushels per acre in north Kansas, up from tour findings of 34.3 bushels last year. Scouts were surveying western reaches of the state on Wednesday.
CBOT July soyabean futures were 4 cents higher at $10.34 a bushel. Soyabeans have surged since mid-April on worry that rains had ruined a significant part of Argentina's soyabean crop. The country lost an estimated 9 million tonnes of soyabeans due to April downpours. CBOT July corn was up 1/2 cent at $3.80-1/4 a bushel.
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