SINGAPORE: Chicago wheat futures ticked higher on Wednesday after falling for the past two sessions, as rains in parts of the US southern Plains improved crop prospects.
Soybeans were little changed while corn ticked higher in positioning ahead of a US Department of Agriculture planting intentions report due on Thursday.
The Chicago Board Of Trade most-active wheat contract gained 0.3 percent to $4.50-1/4 a bushel by 0203 GMT, having lost about 2.3 percent in the past two days.
Soybeans were largely unchanged at $10.19-3/4 a bushel and corn rose 0.2 percent to $3.74-3/4 a bushel.
"The US winter wheat crop had a pretty tough winter period but spring weather has been favourable," said Phin Ziebell, an agribusiness economist at National Australia Bank.
"A large chunk of the rally that we saw in February has gone."
Showers crossing the US Plains on Tuesday should help recharge soil moisture in some areas.
The USDA on Monday rated 13 percent of winter wheat in Kansas, the top producer, in good-to-excellent condition, up from 11 percent last week. However, ratings are down significantly from a year ago, when 38 percent of the state's wheat was rated good to excellent.
The soybean market could face pressure as US farmers are expected to boost plantings this year.
Analysts expect the USDA to project US soybean plantings for 2018 at a record-high of 91.1 million acres and corn plantings at 89.4 million acres, down from 90.2 million in 2017.
Analysts also expect the USDA to report record-high March 1 corn and soybean stocks, reflecting several years of bumper harvests.
There was additional pressure stemming from news that Agroconsult, a Brazilian consulting firm, raised its estimate of the country's soybean harvest to 118.9 million tonnes, from 117.5 million previously.
Commodity funds were net sellers of CBOT soybean, wheat, soymeal and corn futures contracts on Tuesday, and net buyers in soyoil, traders said.
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