US wheat, corn and soyabean futures firmed on Wednesday, supported by bargain buyers stepping into the market following declines to multi-week lows on Tuesday, traders said. Wheat notched the biggest gain, with the most-active Chicago Board of Trade soft red winter wheat contract rising nearly 1 percent after bottoming out at its lowest since February 8.
Wheat received additional support from signs that the recent market weakness has made prices for US supplies more competitive on the export market. Excluding shipping costs, US soft white wheat was the cheapest wheat offered in an Egyptian government tender for supplies, traders said.
A weakening dollar, which also helps boosts export demand US wheat, added more strength.
At 10:42 am CDT (15XX GMT), CBOT May soft red winter wheat was up 4 cents at $4.34-1/2 a bushel. CBOT May soyabeans were 1-3/4 cents higher at $10.01 a bushel. The most-active contract was recovering after hitting its lowest since December 27 but prices struggled to break through Tuesday's high Analysts said the plentiful global soyabean supply outlook would continue to drag on prices, with a record crop expected in Brazil and new indications US farmers will raise soyabean production for next season. CBOT May corn was 1-1/2 cents higher at $3.63-3/4 a bushel. Corn futures hit their lowest since February 1 on Tuesday.
US corn created some interest on the global market despite big crop expectations for Argentina and South America. Taiwan's maize industry procurement association (MFIG) also purchased about 65,000 tonnes of corn likely to be sourced from the United States in an international tender on Wednesday.