Chicago wheat futures edged higher on Tuesday on bargain buying following the previous session's deep losses, although forecasts of a near record Australian crop and higher Russian exports curbed gains, reports Reuters.
Corn and soybeans also rose after closing lower on Monday. Australian farmers are forecast to harvest more than 30 million tonnes of wheat this season, after the country's production estimate was raised by nearly 10% due to favourable rainfalls.
Wheat fell on Monday after Russia's Agriculture Ministry said the country may increase the size of its grain export quota planned for Feb. 15 to June 30 to 17.5 million tonnes, from 15 million tonnes.
