Wheat rallies

SYDNEY: U.S. wheat rose as much 1.3 percent on Wednesday after the U.S. Department of Agriculture pegged the condition of the crop below market expectations, though ample global supplies provided a ceiling to gains.

Corn also rose as much as 1.3 percent as the condition of the crops was also pegged behind forecasts, while soybeans edged higher for the first time in six sessions.

The most active wheat futures on the Chicago Board Of Trade rose 0.76 percent to $4.32-3/4 a bushel by 0303 GMT, near the session high of $4.35-1/4 a bushel. Wheat closed down 2 percent on Tuesday. "The USDA reported that both winter and spring wheat conditions had deteriorated a little after trading closed.