Wheat rebounds as demand stirs

Wheat rebounds as demand stirs

PARIS/SINGAPORE - Chicago wheat futures turned higher on Wednesday from a one-week low earlier in the session as importer demand countered supply pressure from a resumption of sea exports from war-torn Ukraine.

Corn edged up as traders assessed the chances of continiuing flows from Ukraine while monitoring mixed weather conditions for U.S. crops. Soybeans also ticked higher but remained capped by weaker crude oil prices and wider macroeconomic concerns.

The most active wheat contract on the Chicago Board of Trade (CBOT) was up 1.9% at $7.89-1/2 a bushel by 1129 GMT. Wheat, corn and soybeans fell sharply in the two previous sessions as the departure of a grain cargo from Odesa in Ukraine tempered global supply fears while U.S. crop ratings were better than expected.

However, the wheat market experienced a flurry of demand on Tuesday, with Algeria and Jordan booking optional-origin wheat while buyers in the Philippines, South Korea, Tunisia and Japan tendered to buy wheat. Algeria's purchase, which traders put at more than 700,000 tonnes in updated assessments on Wednesday, helped Paris-based Euronext wheat futures bounce from late trading on Tuesday.

"The physical market remains tense, especially for French-origin wheat," consultancy Agritel said. The first grain vessel to leave a Ukrainian sea