Corn and wheat futures rallied from three-week lows on Thursday on US export demand and a retreat in the dollar, while soyabeans consolidated near a four-month high. The US dollar erased early gains that had pressured grain markets overnight, as the euro rose after reports that euro zone central banks agreed to exchange the Greek bonds they hold for new bonds as part of a deal to help the debt-laden country.
A weak dollar tends to encourage investment in risky assets including grains and other commodities. At the Chicago Board of Trade as of 11 am CST (1700 GMT), March corn was up 7 cents at $6.34 per bushel. March wheat was up 4 cents at $6.30 a bushel and March soybeans were up 1/2 cent at $12.61-1/2.