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SINGAPORE: U.S. wheat futures rose for the first time in seven days on Tuesday, underpinned by bargain-buying after the market tumbled to a 10-year low in the previous session.
Corn hovered near Monday´s two-year low, under pressure from the harvest of an expected record U.S. crop.
Soybeans slid for a sixth session in a row.
Chicago Board of Trade most-active wheat contract gained 0.4 percent to $3.98-3/4 a bushel by 0229 GMT, after hitting its lowest since 2006 at $3.95-1/4 a bushel on Monday. Corn gained a quarter of a cent to trade at $3.21 a bushel, not far off of last session's low of $3.20 a bushel, its weakest since 2014. Soybeans gave up quarter of a cent at $9.64 a bushel.
"I don't think wheat needs to be below $4 a bushel. Global supply and demand fundamentals haven't changed in the last one week but we have seen a decline of more than 25 cents in prices," said Ole Houe, an analyst with brokerage IKON Commodities in Sydney. "From an Australian perspective, we won't engage growers at these levels."