U.S. soybean, corn and wheat futures rose on Wednesday, with bargain buyers snapping up commodities that posted sharp declines during February.
The higher closes in soybeans and corn snapped a stretch of five straight losing sessions.
Traders said that the recent sell-off may have sparked some buying interest from importers that had viewed U.S. corn as too expensive when compared to supplies from other countries.
“You would think that the end users would come in and buy,” said Ted Seifried, chief market strategist for the Zaner Group. “The fact of the matter is, we had gotten very oversold in corn. We were due for something to give us a bit of a corrective bounce.”
Chicago Board of Trade May corn futures settled up 5-1/2 cents at $6.35-3/4 a bushel.
CBOT May soybeans were 15-1/4 cents higher at $14.94-1/4 a bushel and CBOT May soft red winter wheat was up 4-1/2 cents at $7.10 a bushel.
During the overnight trading session, wheat hit its lowest since September 2021. It rose later, but gains were curbed by expectations of a renewal of the Black Sea grain export deal and ample global supplies for overseas buyers.
“The fact that Russia continues to slash prices on the world market and the not-so-positive macro elements in the past few days are worrying the markets,” a French broker said.
(Additional reporting by Julie Ingwersen in Chicago, Naveen Thukral in Singapore and Sybille de La Hamaide; Editing by Sherry Jacob-Phillips, Subhranshu Sahu, Savio D’Souza and David Gregorio)
