"I think the wheat market has bottomed out at around $4.30, funds are short on wheat and any short-covering will support prices," said Ole Houe, an analyst with brokerage IKON Commodities in Sydney. "Buyers are thinking prices are not going to get any cheaper." Commodity funds were net buyers of CBOT corn and wheat futures contracts on Wednesday, traders said. They were small net sellers of soybeans.
Worrisome weather lent support, with excessive moisture in the US Plains and Midwest raising concerns about yield prospects and grain quality for maturing winter wheat crop. Wheat gains were checked though by a slight improvement in weekly winter wheat condition ratings.