Investing.com - U.S. wheat futures regained strength on Tuesday, as investors returned to the market to seek cheap valuations after prices fell to the lowest level three weeks on Monday.
On the Chicago Mercantile Exchange, US wheat for May delivery tacked on 1.35 cents, or 0.27%, to trade at $5.0575 a bushel during U.S. morning hours.
A day earlier, wheat fell to $5.0220, a level not seen since February 3, before settling at $5.0400, down 3.0 cents, or 0.59%.
Prices of the grain have been under heavy selling pressure in recent weeks amid ample global supplies and indications of reduced demand for U.S. wheat.
Meanwhile, US corn for May delivery inched up 2.38 cents, or 0.61%, to trade at $3.8938 a bushel.
US corn for March delivery dropped 6.2 cents, or 1.59%, on Monday to end at $3.8660 as losses in wheat weighed on prices.
Wheat and corn prices are linked because both can be used as animal feed.
Elsewhere on the Chicago Board of Trade, US soybeans for May delivery climbed 11.03 cents, or 1.1%, to trade at $10.1263 a bushel.
The May soybean contract dipped 0.6 cents, or 0.07%, on Monday to close at $10.0140 a bushel.
Prices of the oilseed remain vulnerable amid optimism over crop prospects in Brazil and Argentina.
Corn is the biggest U.S. crop, followed by soybeans, government figures show. Wheat was fourth, behind hay.
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U.S. wheat futures bounce off 3-week low, further losses seen ahead
Published 02/24/2015, 06:25 AM
U.S. wheat futures bounce off 3-week low, further losses seen ahead
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