Wheat rebounds from 10-month low, tepid U.S. exports cap gains

The most active wheat futures on the Chicago Board of Trade was up 0.5% at $4.70-1/2 a bushel

  
A French farmer harvests wheat in Sancourt, northern France, July 17, 2018. Image used for illustrative purposes.

A French farmer harvests wheat in Sancourt, northern France, July 17, 2018. Image used for illustrative purposes.

REUTERS/Pascal Rossignol

SYDNEY  - U.S. wheat futures edged higher on Wednesday, rebounding from a 10-month low touched in the previous session, though gains were checked amid concerns over international demand for North American supplies.

Corn edged lower, while soybeans were unchanged.

Grain trading was delayed after U.S. exchange operator CME Group said on Wednesday it had to halt all product trading on its CME Globex platform due to technical issues, it said via Twitter.

The most active wheat futures on the Chicago Board of Trade Wv1 was up 0.5 percent at $4.70-1/2 a bushel by 0405 GMT after closing down 1 percent in the previous session when prices hit a low of $4.63-3/4 a bushel - the lowest since April 16.

Analysts said wheat remains under pressure from tepid demand for U.S. supplies, confirmed the U.S. Department of Agriculture's export inspections report earlier this week.

"Export inspections should be bouncing by now if the U.S. is going to make inroads into its inventories," said Tobin Gorey, director of agricultural strategy, Commonwealth Bank of Australia.

Providing some support, the USDA said the condition of U.S. winter wheat declined from late November to late February across much of the U.S. Plains. 

The most active corn futures were down 0.1 percent at $3.65-1/2 a bushel after closing down 1.1 percent on Tuesday.

The most active soybean futures were unchanged at $9.17-1/4 a bushel after closing down 0.9 percent in the previous session.

Soybeans drew support on Monday after U.S. President Donald Trump said he may soon sign a deal with China, but offered few details. 

The USDA confirmed on Tuesday sales of 120,000 tonnes of U.S. soybeans to Mexico for shipment in the current and next marketing years. 

(Reporting by Colin Packham; Editing by Gopakumar Warrier)

(( colin.packham@thomsonreuters.com ; +61-2 9321 8161; Reuters Messaging: colin.packham.thomsonreuters.com@reuters.net ))

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