U.S. wheat rises for 2nd day after hitting 10-week low

(Investing.com) – U.S. wheat futures rose for the second consecutive session on Wednesday, as investors returned to the market to seek cheap valuations in wake of recent losses which took prices to the lowest level in more than two months.

On the Chicago Mercantile Exchange, US wheat for March delivery jumped 5.92 cents, or 1.1%, to trade at $5.4313 a bushel during U.S. morning hours.

A day earlier, the March wheat contract hit $5.2300, the lowest level since November 12, before recovering to end at $5.3700, up 4.2 cents, or 0.8%.

Wheat has been under heavy selling pressure in recent weeks amid ample global supplies and indications of reduced demand for U.S. wheat.

Meanwhile, US soybeans for March delivery inched up 1.8 cents, or 0.18%, to trade at $9.8400 a bushel.

On Tuesday, US soybeans for March delivery touched $9.7220, a level not seen since October 23, before ending at $9.8200, down 9.6 cents, or 0.98%.

Tuesday’s losses came amid concerns over weakening demand from China and as optimism over crop prospects in major South American growers underlined worries over ample global supplies.

Elsewhere on the Chicago Board of Trade, US corn for March delivery shed 0.07 cents, or 0.02%, to trade at $3.9013 a bushel, amid indications of plentiful supplies.

A day earlier, corn prices inched up 3.2 cents, or 0.84%, to close at $3.9020.

The U.S. Department of Agriculture said on January 12 that the U.S. harvest totaled 14.216 billion bushels last year on yields of 171 bushels an acre, both record-highs.

Corn is the biggest U.S. crop, followed by soybeans, government figures show. Wheat was fourth, behind hay.