Soft red winter wheat futures on the Chicago Board of Trade were higher early on Wednesday in a rebound after Tuesday's drop to one-month lows, traders said.
Additional support came from news that Pakistan suspended wheat exports on Wednesday due to a surge in domestic prices. Pakistan in January lifted a two-and-a-half year ban on wheat exports amid expectations of a bumper crop. As of 10:55 am CDT (1555 GMT), July wheat was up 4 cents at $4.75 per bushel, climbing back above its 200-day moving average of $4.73.
September was up 3-1/4 cents at $4.88 and December was up 4 at $5.00-1/4. Fimat USA bought 400 July contracts, traders said. Wheat futures were seen as a bit oversold after a steep seasonal decline in prices ahead of the US winter wheat harvest. Combines have begun rolling in southern reaches of the Plains hard red winter wheat belt, although wet weather has slowed early progress. Export business overnight featured Taiwan buying 81,950 tonnes of US wheat, while South Korean flour millers bought 22,400 tonnes of US No 1 wheat.