SYDNEY: US wheat rose on Tuesday, rebounding from losses in the previous session, on concerns over the quality of the latest South American crop and tight global stocks, despite an improved production outlook for US winter wheat.
Soybeans fell for the first time in five sessions as traders locked in profits after the oilseed hit a six-week high on Monday, while corn edged slightly lower.
Chicago Board of Trade March wheat had climbed 0.43 percent to $8.11-1/2 a bushel by 0338 GMT, after falling 0.74 percent the session before due to beneficial rains across key US growing states.
"While there is improved crop weather for US winter wheat, there are still ongoing quality concerns over the South American wheat crop," said Brett Cooper, senior manager for markets at FCStone Australia.
January soybeans fell 0.23 percent to $14.93-3/4 a bushel, but remained close to a six-week high hit on Monday.
March corn was little changed at $7.23-1/2 a bushel, having closed down 0.92 percent in the previous session.
Center>Copyright Reuters, 2012
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