(Updates with closing U.S. prices)
By Julie Ingwersen
CHICAGO, March 14 (Reuters) - U.S. wheat and corn
futures rose on Tuesday, rebounding from multi-month lows set
last week, as Wall Street equity markets turned higher and signs
of fresh grain export demand emerged, analysts said.
Uncertainty about talks to extend a wartime grain export
corridor from Ukraine lent support.
Soybean futures posted smaller advances as pressure from the
ongoing harvest of a large Brazilian crop hung over the market.
Chicago Board of Trade May wheat futures settled up
11-3/4 cents at $6.96-1/4 per bushel, extending a rally from
Friday's low of $6.61, the lowest price on a continuous chart of
the most-active contract since July 2021.
CBOT May corn ended up 7-1/4 cents at $6.20-3/4 a
bushel, rebounding from a seven-month low on Friday, and May
soybeans settled up 2-1/2 cents at $14.93-3/4 a bushel.
Wheat posted the biggest gains on a percentage basis as
traders monitored talks to extend the safe corridor from
Ukraine's Black Sea ports ahead of a deadline later this week.
Negotiations continue, the United Nations and Turkey said on
Tuesday, after Kyiv rejected a Russian push for a reduced 60-day
renewal.
"The focus on the Ukrainian grain initiative reminded
traders that today's low prices may justify restoring some risk
premium, leading to some short-covering," StoneX chief
commodities economist Arlan Suderman wrote in a client note.
Russia and Ukraine are among the world's largest grain
exporters and the creation of the corridor has helped cool
global food commodity prices that hit record highs after Russian
invaded Ukraine a year ago.
Last week's dip in grain prices to multi-month lows appeared
to have spurred export business. Algeria, Tunisia and Jordan
bought wheat this week, European traders said, and the U.S.
Department of Agriculture on Tuesday confirmed private sales of
612,000 tonnes of U.S. corn to China.
Equity markets turned up, stemming a five-session rout after
key U.S. data bolstered bets of a smaller interest rate hike by
the Federal Reserve at its next meeting.
(Reporting by Julie Ingwersen; additional Reporting by Gus
Trompiz in Paris and Naveen Thukral in Singapore; Editing by
Rashmi Aich, Sherry Jacob-Phillips, Sharon Singleton, David
Gregorio and Richard Chang)
Messaging: julie.ingwersen.thomsonreuters.com@reuters.net))
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