SYDNEY: U.S. wheat edged higher on Wednesday after earlier hitting a near one-month low, though gains were curbed by easing fears of tight supplies as a result of recent dry weather.
Corn edged lower to hit a near one-month low, while soybeans ticked up after earlier hitting a two-week trough. The most active wheat futures on the Chicago Board Of Trade were up 0.5 percent to $4.74-3/4 a bushel at 0219 GMT, having earlier fallen to $4.73 a bushel - the lowest since June 29. Wheat closed down 3 percent on Tuesday.
Despite edging higher, analysts said the bounce was likely a temporary recovery as the market continues to shrug off fears about the quality U.S. supplies.
"The market has come to terms with the fact the spring wheat is not going to be very good and is very comfortable with the weather premium," said Angus Thornton, an analyst at Profarmer.
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