Wheat futures rose Tuesday, rebounding after several days of losses.
Prices for the grain fell after the U.S. Department of Agriculture said on Friday that U.S. farmers produced more of the grain than expected, with the spring wheat harvest in particular beating pre-report estimates.
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But analysts said that multiday selloff took prices low enough to spark bargain hunting and short covering on Tuesday as traders pulled out of bets that prices would fall further. Traders were betting that lower prices would help attract export demand.
December-dated wheat futures at the Chicago Board of Trade rose 0.7% to $4.48 a bushel. Minneapolis and Kansas City wheat contracts also rose.
Corn and soybean futures were under pressure, however, extending losses from Monday. Growing expectations that this year's production will be large, and maybe even larger than government estimates many initially said were excessive, have weighed on prices this week.
The U.S. Department of Agriculture said that, as of Sunday, U.S. farmers were harvesting those crops more slowly than in recent years. Analysts expect those delays to intensify this week as rains move across the Corn Belt.
The delays weren't enough to allay concern among traders about the size of those crops, however. Below-average corn maturity, which suggest the crop is finishing out slowly, may also mean larger yields, said Doug Bergman of RCM Alternatives.
CBOT corn futures for December fell 0.6% to $3.49 1/2 a bushel. November soybean futures dropped 0.2% to $9.55 1/4 a bushel.
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(END) Dow Jones Newswires
October 03, 2017 15:57 ET (19:57 GMT)