As of 12:49 p.m. CST (1849 GMT), Chicago Board of Trade March soft red winter wheat was up 6 cents at $5.12-3/4 a bushel. A day earlier, the contract dipped to $5.01-1/4, its lowest level since January 2018. When the contract failed to drop below psychological support at $5, buyers returned. Excessive moisture in Argentina's wheat belt remained a worry.
A weaker dollar lent background support, making US grains more competitive globally, at a time when winter weather may be slowing shipments from top exporter Russia. CBOT soyabean and corn futures posted smaller advances. CBOT March soyabeans were up 3 cents at $9.10 a bushel after reaching $9.13-1/2, its highest level since Dec. 20. CBOT March corn was up 3 cents at $3.78-3/4.
Soyabeans ticked higher as the oilseed market assessed weather risks for Brazilian crops and sought evidence of more Chinese purchases of US supplies as part of a trade truce. The USDA will decide on Friday whether to delay a series of crop reports scheduled for release on Jan. 11.