CHICAGO: Chicago Board of Trade wheat futures rose about 4% on Thursday, recovering from a 4-1/2 month low a day earlier, as recession fears in financial markets eased.

Corn and soybean futures each climbed 2% to also move away from multi-month lows touched in the previous session.

Traders said the markets had become technically oversold following recent declines. They continue to face an uncertain supply outlook as war in Ukraine disrupts Black Sea grain exports, while US crops enter crucial summer growth phases.

Forecasts for dry weather in the US Midwest through the middle of July, a critical period for corn development, helped support gains, analysts said.

“The soybean market has looked terrible technically, but the momentum indicators are beginning to turn higher,” said Tomm Pfitzenmaier, analyst for Summit Commodity Brokerage. “Weather uncertainty into the critical August period should support prices for the time being.” The most actively traded wheat contract on the Chicago Board of Trade (CBOT) was up 33 cents at $8.37-1/2 a bushel by 11:30 a.m. CDT (1630 GMT), after dropping to its lowest since Feb. 17 at $7.85-1/4 on Wednesday.

Most-active soybeans gained 37-1/4 cents to $13.60 a bushel, and corn rose 10 cents to $5.95 a bushel at the CBOT.

Chart support levels, an easing in the dollar from 20-year highs and an uptick in crude oil encouraged grain markets to bounce, traders said. Some see scope for renewed rallies given demand from importers and the protracted conflict in Ukraine.

Ukraine’s foreign ministry said it will summon Turkey’s ambassador to seek clarification after a Russian-flagged cargo ship suspected of carrying stolen Ukrainian grain left a Turkish port.

Egypt’s state grains buyer GASC purchased about 63,000 tonnes of German wheat in a direct deal this week, sources said, adding to large import purchases since last week.