Wheat rebounds from 12-day low as rain expected in US growing regions

U.S. wheat rose for a second session on Wednesday, with concerns over possible unfavorable weather in key producing regions pushing it further from a 12-day low touched the day before.
The most active wheat futures on the Chicago Board of Trade advanced 0.46 percent to $4.66-1/4 a bushel, after closing up on Tuesday. It touched its lowest since May 12 at $4.57-3/4 a bushel on Tuesday.
The most active soybeans futures climbed 0.4 percent to $10.59 a bushel, having closed down 0.35 percent on Tuesday.
The most active corn futures were little changed at $3.97-3/4 a bushel, after closing Tuesday nearly unchanged.
Showers in the U.S. Plains winter wheat belt will diminish in the southwest the rest of this week allowing some improvement in harvest conditions, but southeastern areas remain unfavorably wet, Commodity Weather Group said.
The U.S. corn crop was 86 percent planted by Sunday, ahead of the five-year average of 85 percent but behind an average of analyst expectations for 88 percent.
The U.S. Department of Agriculture (USDA) reported on Tuesday the sale of 140,000 tonnes of U.S. soybeans to unknown destinations for 2016/17 delivery, matching another sale on Monday.
The dollar stood near a two-month peak against a basket of currencies on Wednesday after robust U.S. housing data supported the case for the Federal Reserve to raise interest rates in the near term.
Oil futures rose on Wednesday after U.S. industry data suggested a larger-than-expected drawdown in crude inventories last week, although a stronger U.S. dollar curbed gains.
Wall Street surged more than 1 percent on Tuesday and the Nasdaq had its strongest day in three months. - See more at: http://ingredientnews.com/articles/wheat-rebounds-from-12-day-low-as-rain-expected-in-us-growing-regions/#sthash.YbLmfC58.dpufThe most active wheat futures on the Chicago Board of Trade advanced 0.46 percent to $4.66-1/4 a bushel, after closing up on Tuesday. It touched its lowest since May 12 at $4.57-3/4 a bushel on Tuesday.
The most active soybeans futures climbed 0.4 percent to $10.59 a bushel, having closed down 0.35 percent on Tuesday.
The most active corn futures were little changed at $3.97-3/4 a bushel, after closing Tuesday nearly unchanged.
Showers in the U.S. Plains winter wheat belt will diminish in the southwest the rest of this week allowing some improvement in harvest conditions, but southeastern areas remain unfavorably wet, Commodity Weather Group said.
The U.S. corn crop was 86 percent planted by Sunday, ahead of the five-year average of 85 percent but behind an average of analyst expectations for 88 percent.
The U.S. Department of Agriculture (USDA) reported on Tuesday the sale of 140,000 tonnes of U.S. soybeans to unknown destinations for 2016/17 delivery, matching another sale on Monday.
The dollar stood near a two-month peak against a basket of currencies on Wednesday after robust U.S. housing data supported the case for the Federal Reserve to raise interest rates in the near term.
Oil futures rose on Wednesday after U.S. industry data suggested a larger-than-expected drawdown in crude inventories last week, although a stronger U.S. dollar curbed gains.
Wall Street surged more than 1 percent on Tuesday and the Nasdaq had its strongest day in three months. - See more at: http://ingredientnews.com/articles/wheat-rebounds-from-12-day-low-as-rain-expected-in-us-growing-regions/#sthash.YbLmfC58.dpuf