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The continued surge in corn prices on fears of broadening pollination problems in Iowa next week helped to support active buying in the wheat market.
Intensifying weather concern caused a rally in grain markets, sending corn futures up over 20 percent since mid-June, and analysts say the market may have further upside if dryness continues.
July wheat traded higher Monday on spillover support from the corn market. Short-covering from fund traders was noted as strength in the other grains and "less" macroeconomic fears has helped support the buying.
Aggressive fund selling in corn and a lack of new demand news helped to keep sellers active and buyers at bay for Tuesday's wheat market.
Farm of the Future
Wheat may return to being a follower in the near term as U.S. harvest pressure offsets a warming trend in Russia.
Traders predict a hefty production total for the crop production report this morning and the selling in corn seemed to have opened the door for more aggressive selling.
US wheat futures fell on Wednesday, their fourth straight day of declines, on pressure from a firm US dollar and plentiful global supplies.