CHICAGO: Wheat futures were expected to open 3 to 5 cents higher Wednesday, rebounding from a sharp drop on Tuesday as bargain hunters enter the market, traders said.
* Concerns about the condition of the developing hard red winter wheat crop in the US Plains also added support to the market. Dry weather continues to stress the hard red winter wheat crop in the southwest US Plains and little relief is in sight.
* Some showers are expected in the Plains but most of the rainfall will occur in the north and east, away from the large wheat acreage areas.
* The benchmark CBOT wheat contract was hovering near a key support level of the 200-day moving average. Prices crashed through the 50-day and 100-day moving average during Tuesday's drop.
* Russia, which had been a major grain exporter until a drought last summer, is expected to resume exports in the autumn when the harvest begins, a senior trading manager at Danish bank Saxo said.
* Wheat prices fell below corn on Tuesday for the first time in 15 years, opening the door wider for wheat to begin replacing corn in some feeding rations.
* Jordan's state grains buyer has issued separate tenders for the purchase of 100,000 tonnes of hard wheat and 100,000 tonnes of feed barley, European traders said on Wednesday.
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