Grains Rally After Finding Technical Support
Corn, soybean and wheat futures rose on Tuesday
U.S. corn, soybean and wheat futures rose on Tuesday, rebounding from weakness in the overnight session after finding technical support, traders said.
According to Reuters, wheat notched the biggest gain, with the benchmark Chicago Board of Trade soft red winter wheat contract rising 2.3%.
Soybean futures peaked at their highest level since July 19, wheat hit its highest price since Aug. 11 while corn hit its highest since Aug. 12.
Forecasts for a snowstorm in northern stretches of the U.S. Midwest also added support to prices, as the wintry weather raises the prospect of crop damage and further delays to an already slow harvest.