(Reuters) – U.S. wheat edged higher on Wednesday, rebounding from a more than two-month low touched in the previous session, though forecasts of crop-friendly weather provided a ceiling to gains.
Corn edged lower after closing up more than 0.5 percent in the previous session, while soybeans fell to linger near a more than five-month low.
The most active wheat futures on the Chicago Board Of Trade rose 0.1 percent to $4.25 a bushel, having closed up 0.9 percent on Tuesday.
However, analysts said forecasts for wet weather across key U.S. growing regions would likely limit support.
“There are forecasts for rains over the next three or four days, which will aid crop development. The fundamentals remain bearish,” said Andrew Woodhouse, grains analyst at Advance Trading Australasia.
The most active corn futures were unchanged at $3.57-3/4 a bushel, having gained 0.6 percent in the previous session.
The outlook for rains across the Plains, the southern Midwest and the Mississippi River Delta over the next week also threatens to delay seeding in those areas, analysts said.
The most active soybean futures were little changed at $9.71-1/2 a bushel, having closed flat in the previous session.
Soybeans were weighed down by ample global supplies, further stoked by U.S. plantings for next season, analysts expect.
Analysts expect a 5.7 percent jump in U.S. soybean sowings from a year ago, but have forecast a reduction in corn planting of 3.2 percent and an 8 percent cut in wheat sowings.
