US wheat futures were mostly higher at midsession on Tuesday, rebounding from sharp declines on Monday as corn, soybeans and crude oil rallied, traders said. The wheat market shrugged off bearish news that Egypt cancelled a snap tender due to high prices.
Traders also set aside ideas that the start of index fund rebalancing on Tuesday would prompt sales of wheat and soybeans, and buying in corn. CBOT March wheat was up 7 cents at $9.10 per bushel as of 11:55 am CST (1755 GMT). New-crop July was up 4 cents at $8.08.
At the Kansas City Board of Trade, March hard red winter wheat futures were up 1-1/4 cents at $9.17 per bushel. Spring wheat futures at the Minneapolis Grain Exchange bucked the firm trend, declining as firms took profits from inter-market wheat spreads. MGE March spring wheat was down 10-1/4 cents at $10.43 per bushel, with May down 6-3/4 at $10.09.