US wheat rose over 1 percent on Wednesday on reports that China has bought large quantities of wheat from Australia and the United States. Wheat also traded higher on a bargain buying spree after a one year low hit earlier in the week. Soyabeans advanced for the eighth day in a row on tight stocks of soyabeans while the corn market turned choppy and mixed with crop friendly weather in the US restraining gains in both the corn and soya futures markets.
Traders and analysts were skeptical that the wheat market would trace a steady line upward due to the plentiful global stockpile of wheat and escalating tensions and demonstrations in Egypt, the largest global wheat buyer. "The sale of wheat to China is supportive but I'm concerned about what's going on in Egypt, the world's largest buyer. What's happening right now in Egypt isn't bullish," said Sterling Smith, market specialist for Citigroup. At 10:00 am CDT (1500 GMT), Chicago Board of Trade July wheat was up 6-1/4 cents per bushel at $6.55-3/4, July corn was up 1-1/4 at $6.74 and July soyabeans were up 13 at $15.86.