U.S. wheat futures rose 1.6 per cent on Wednesday on bargain buying one day after a drop in prices to four-month lows appeared to spur fresh export business, traders said.
Despite a weakened United States dollar on July 17, activity in the grains at the Chicago Board of Trade was choppy, according to broker Ryan Ettner of Allendale Inc. in McHenry, Ill. Added to that, Ettner pointed out the speculative funds resumed accumulating very large short positions in corn and soybeans.
Chicago soybean and corn futures firmed on Tuesday after hitting multi-year lows on bargain buying and forecasts for lower harvests in some parts of the world, according to analysts.
U.S. soybean futures fell to their lowest level in nearly four years on Monday and corn and wheat futures followed the weaker trend as rains bolstered Midwest production prospects and traders worried about demand for big crops, analysts said.
Chicago Board of Trade corn futures rebounded off of multi-year lows on Friday, and soybean futures briefly turned higher, as a government report forecast tighter stocks than traders had expected.
Chicago wheat, corn and soybean futures regained ground on Thursday after Wednesday's dramatic losses as investors covered short positions ahead of the U.S. Department of Agriculture's supply and demand report set to be released on Friday.
Chicago Board of Trade soybean futures fell to a 2020 low on Wednesday, while corn hovered near a four-year low as favorable U.S. crop conditions kept a lid on prices.
Soybean and corn futures at the Chicago Board of Trade fell to fresh contract lows in early July, as relatively favourable growing conditions and bearish technical signals weighed on values.
Chicago wheat and corn futures ticked higher on Tuesday after sharp declines on Monday, while most-active soybean futures closed at their lowest point in nearly four years, as expectations of ample supplies from northern hemisphere harvests hung over the market.
Chicago Board of Trade soybeans and corn futures on Monday dropped to around the lowest prices in four years, as traders expected a positive picture of U.S. crop progress from the U.S. Department of Agriculture (USDA) in a report due later in the day.