Wheat futures rising on bargain buying after most-active contract fell 2.3% on Monday, its biggest daily percentage drop since March 30. Strength in corn market underpins wheat.
The US Agriculture Department said that the US winter wheat crop was rated 48% good to excellent as of May 2, down 1 percentage point from a week ago.
At stake are billions of dollars and the sanctity of crop contracts in Brazil, the world's top soy exporter accounting for roughly 50% of the global trade.
Those deals are much less appealing to farmers now, as prices soared 71% from May 2020, when many were closed.
