WHEAT – Up 6 to 8 cents per bushel.
Support from commercial buying and as dry weather in the U.S. Plains hard red winter wheat region leading to concern about stress on the newly seeded crop leading to a potential
reduction in 2011 U.S. wheat production.
* Western winter wheat areas of the U.S. Plains are expected to turn drier over the coming days, posing a threat to the 2011 U.S. hard red winter wheat production.
* Soft red winter wheat areas in the U.S. Midwest and Delta should see moderate to heavy rain activity during the next 24-48 hours which will help recharge soil moisture reserves.
* Wheat harvest in Australia is being threatened by colder temperatures and rainfall.
CORN – Up 4 to 5 cents per bushel.
End-user pricing, dry weather in key crop areas of South America, news China sees a big corn shortage and a technical rebound from the fall early on Tuesday to a six-week low combining to lift corn futures.
* China sees big corn shortage, urges more bank aid.
* Forecasts for drier weather in northern Argentina leading to some concern about crop development while overall satisfactory crop weather continues in Brazil. SOYBEANS – Up 10 to 15 cents per bushel.
Brisk demand for cash soy including news of a huge sale of U.S. soy to China and support from concerns about dry weather in portions of South America’s crop region. Also support from a
rebound in corn futures and a technical bounce after the recent slide of prices.