Investing.com - U.S. grain futures rebounded from the previous session’s heavy losses on Thursday, as market players looked ahead to the U.S. Department of Agriculture’s weekly export report later in the session to gauge the strength of global demand for U.S. supplies.
On the Chicago Mercantile Exchange, US soybeans for May delivery advanced 0.47%, or 6.9 cents, to trade at $14.6988 a bushel during U.S. morning hours.
The May soybean contract rose to $14.9600 a bushel on Wednesday, the strongest level since July 23, before turning lower to settle at $14.6220, down 1.5%, or 22.2 cents.
Soybeans have been well-supported in recent sessions amid ongoing concerns over tightening supplies in the U.S.
The USDA said inventories of the oilseed on March 1 totaled 992 million bushels, the lowest for this time of year since 2004.
Meanwhile, US corn for May delivery rose 0.68%, or 3.1 cents, to trade at $4.9913 a bushel.
The May corn contract lost 2.32%, or 11.6 cents, on Wednesday to settle at $4.9560 as profit taking weighed.
Prices of the grain rallied to a seven-month high of $5.1240 a bushel on April 1 after the USDA projected U.S. farmers will plant 91.7 million acres of corn this spring, a 4% decline from last year and the lowest total in four years.
Elsewhere on the CBOT, US wheat for May delivery picked up 0.52%, or 3.5 cents, to trade at $6.7188 a bushel. The May wheat contract tumbled 2.33%, or 16.0 cents, on Wednesday to settle at $6.6920 a bushel.
The USDA pegged wheat stocks at 1.06 billion bushels, above expectations of 1.03 billion bushels.
Corn is the biggest U.S. crop, followed by soybeans, government figures show. Wheat was fourth, behind hay.