U.S. corn and soybean futures rose on Wednesday as traders assessed U.S. Midwest rain forecasts after a recent dry spell, and awaited an expected revision in U.S. planting estimates following spring rains.
According to Reuters, wheat recovered from Tuesday’s technical-driven losses, despite healthy Northern Hemisphere harvests and a steady dollar keeping a lid on prices.
Grain prices bounced off lows as stock and energy markets pared steep initial losses. Investors were reluctant to take on large positions in grain futures ahead of Monday’s U.S. Department of Agriculture (USDA) monthly supply and demand report, traders said.
