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Wheat rebounds after Egypt purchase; soybeans at near 1 month high

wheat 400SYDNEY: US wheat rebounded on Monday from the previous session's losses, buoyed by bargain hunting and recent buying from the world's largest importer Egypt.

 

Soybeans also firmed nearly 1.3 percent, after rising to almost a one-month high earlier in the session, on expectations of increased Chinese demand. Corn also gained.

 

Chicago Board of Trade March wheat rose 1.01 percent to $8.72-1/4 a bushel by 0238 GMT, having slipped 2.48 percent on Friday on weak US export figures.

 

"Wheat was sold off quite hard on Friday night on long liquidation and I think we are seeing a bit of correction today," Andrew Woodhouse, grains analyst at Advance Trading Australasia said.

 

"With Egypt buying a large quantity of US wheat after the close on Friday, that's also supporting the market."

 

January soybeans firmed 1.29 percent to $14.57-1/4 a bushel, having hit a session high of $14.62 a bushel, the highest since November 9. Soybeans fell 0.64 percent on Friday.

 

March corn rose 1 percent to $7.60-1/4 a bushel after falling 0.79 percent in the previous session.

 

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