Investing.com - U.S. grain futures were higher on Wednesday, with soybean prices regaining ground as investors returned to the market to seek cheap valuations after prices fell nearly 3% on Tuesday.
On the Chicago Mercantile Exchange, soybeans futures for March delivery fell to hit a session low of USD12.7920 a bushel earlier in the day, the weakest level since January 13, before turning higher to trade at USD12.8463 a bushel, up 0.35%.
The March soy contract plunged 2.73% on Tuesday to settle at USD12.8040 a bushel after updated weather forecasts pointed to favorable weather conditions in key growing regions in Argentina and Brazil.
Meanwhile, corn futures for March delivery traded at USD4.2788 a bushel, up 0.7%. The March contract held in a range between USD4.2488 a bushel and USD4.2788 a bushel.
CBOT March corn fell to USD4.2100 a bushel on Tuesday, the weakest level since January 10, before erasing losses to end at USD4.2500 a bushel, up 0.24%.
Elsewhere on the CBOT, wheat for March delivery traded at USD5.6538 a bushel, up 0.5%. Wheat prices traded in a tight range between USD5.6263 a bushel and USD5.6663 a bushel.
The March wheat contract settled at USD5.6220 a bushel on Tuesday, down 0.22%
Wheat prices have been under heavy selling pressure in recent sessions as increased global production underlined concerns over ample supplies.
Prices of the grain plunged to a three-and-a-half year low of USD5.6040 a bushel on January 10 after the U.S. Department of Agriculture forecast global wheat supplies at 185.4 million tonnes, up 1.4% from a December estimate of 182.8 million tonnes.
Corn is the biggest U.S. crop, followed by soybeans, government figures show. Wheat was fourth, behind hay.
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