US wheat futures jumped on Thursday in a rebound from the market's recent slide and soyabeans and corn eased as investors squared positions ahead of an eagerly awaited US Department of Agriculture (USDA) supply-and-demand report due on Friday.
Rising global prices and forecasts for reduced US plantings this season gave wheat a further lift, while soyabeans and corn faced headwinds from crop-boosting rains in rival exporting nations in South America.
Grain markets are looking ahead to Friday's USDA reports, scheduled for release at 11 a.m. CST (1700 GMT), which are expected to show smaller US corn and soya harvests in 2019, smaller grain stocks and lower winter wheat seedings in the United States.
Top wheat importer Egypt bought 300,000 tonnes of wheat from Russia, Ukraine and Romania in a snap tender on Wednesday at prices about $7 per tonne above its previous purchase a month earlier.
Chicago Board of Trade March wheat was up 7-1/2 cents at $5.60-1/4 a bushel at 12:52 p.m. CST (1852 GMT). March soyabeans were down 7-1/4 cents at $9.40 a bushel and March corn dropped 1-1/2 cents to $3.82-3/4 a bushel.
Most crop areas in Argentina and Brazil are in good shape and Brazil's Rio Grande do Sul is expected to receive some rain in the coming days, according to meteorologist Kyle Tapley with Maxar, raising prospects for large crops.
Brazilian consultancy Agroconsult boosted its soya crop estimate on Thursday to a record-setting 124.3 million tonnes but trimmed its corn crop view. Grain traders are also waiting for more details on the Phase 1 US-China trade deal due to be signed next week, which calls for bigger Chinese purchases of US agricultural goods.
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