Markets Markets Newswire GRAINS-Wheat rebounds 4% as recession jitters abate By Reuters Reuters Founded in 1851, Reuters is a news agency owned by Thomson Reuters. With 200 locations worldwide and 2,500 journalists, Reuters is one of the largest news agencies in the world. Reuters has remained true to the Trust Principles of independence, integrity, and freedom from bias, working relentlessly to bring news from the source and from every corner of the world. As part of its coverage, Reuters produces industry leading newswires, including articles on agriculture, markets, and business news. Successful Farming syndicates that content for farmers to read on Agriculture.com. Successful Farming's Editorial Guidelines Published on July 7, 2022 Share Tweet Email * CBOT wheat recovers from Wednesday's lowest since mid-Feb * Corn, soybeans up 2% after also hitting multi-month lows * Grain markets weighing U.S. weather, Ukraine war(Adds closing prices) By Tom Polansek CHICAGO, July 7 (Reuters) - Chicago Board of Trade wheatfutures surged 4% on Thursday, recovering from a 4-1/2-month lowa day earlier, as recession fears in financial markets eased. Soybean futures climbed 3% and corn rose 2% in their ownmoves away from multi-month lows touched in the previoussession. Traders said the markets had become technically oversoldfollowing recent declines. They continue to face an uncertainsupply outlook as the Ukraine war disrupts Black Sea grainexports, while U.S. crops enter crucial summer growth phases. Forecasts for dry weather in the U.S. Midwest through themiddle of July, a critical period for corn development, helpedsupport gains, analysts said. "The soybean market has looked terrible technically, but themomentum indicators are beginning to turn higher," said TommPfitzenmaier, analyst for Summit Commodity Brokerage. "Weatheruncertainty into the critical August period should supportprices for the time being." The most actively traded CBOT wheat contract settledup 32 cents at $8.36-1/2 per bushel, after dropping to itslowest since Feb. 17 at $7.85-1/4 on Wednesday. Most-active soybeans gained 42-3/4 cents to end at$13.65-1/2 a bushel, and corn strengthened 11-1/4 cents tofinish at $5.96-1/4. Chart support levels, an easing in the dollar from 20-yearhighs and an uptick in crude oil encouraged grain markets tobounce, traders said. U.S. equities also rose, as investors beton economic light at the end of the Federal Reserve's ratehiking tunnel. Some agricultural traders see the potential for furthergrain rallies given demand from importers and the protractedconflict in Ukraine. Ukraine's foreign ministry said it will summon Turkey'sambassador after a Russian-flagged cargo ship suspected ofcarrying stolen Ukrainian grain left a Turkish port. In demand news, Egypt's state grains buyer ramped up directpurchases of imported wheat this week. On Friday, the U.S. Department of Agriculture is slated toissue weekly U.S. grain export sales data.(Reporting by Tom Polansek in Chicago, Gus Trompiz in Paris andNaveen Thukral in Singapore; Editing by Emelia Sithole-Matarise,Chris Reese and Grant McCool) © Copyright Thomson Reuters 2022. Click For Restrictions - http://about.reuters.com/fulllegal.asp Was this page helpful? Thanks for your feedback! Tell us why! Other Submit