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Chicago wheat rebounds on brisk export demand
Date: 2010/9/2 Click: 951
Chicago wheat futures ended sharply higher on Wednesday, erasing the previous session's big losses, supported by bullish outside markets and continuing strong export demand.

Corn closed at the highest level in more than 7 months. Soybean fell for the third straight session on speculations that the South American supplies of soybean would be larger-than-expected.

December corn climbed 7.5 cents, or 1.7 percent, to 4.4675 U.S. dollars per bushel. December wheat surged 23 cents, or 3.4 percent, to 7.0875 dollars per bushel. November soybean slid 4.5 cents, or 0.4 percent, to 10.055 dollars per bushel.

A stronger-than-expected ISM reading, combined with upbeat manufacturing data from China, and a better-than-expected economic growth in Australia have contributed to restoring investor confidence in global economic recovery. The sharp decline in the dollar has enhanced the competitive position of U.S. grain on the world markets.

Traders noted that Germany has bought 20,000 tons of U.S. wheat for the first time in three years, as excessive rain threatened to damage wheat crops in Germany. The news that Egypt bought 225,000 tons of U.S. wheat on Wednesday was also considered quite bullish to wheat price.

Traders added that the speculations that Germany is going to have to import 1 million tons of quality wheat to balance its drought-ravaged crop also gave strong support to wheat price.

Corn rallied as the stronger macro-economic outlook in the United States has helped to underpin the huge domestic feed and ethanol usage numbers predicted by the USDA. And a strong rally in crude oil also added upward pressure to corn and soybean.
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