By Christopher Walljasper
CHICAGO, Apr 28 (Reuters) – Chicago corn, wheat and soybean futures rose on Wednesday, reversing earlier profit-taking losses as the market weighed in on weather risks in Brazil and the United States.
* The most active corn contract on the Chicago Stock Exchange (CBOT) was worth 11 cents at $ 6.6550 a bushel at 1742 GMT, while the May contract was up 17.50 cents at $ 7.13.
* Wheat was up 0.5 cents at $ 7.3325 per bushel, while soybeans were up 11.50 cents at $ 15.31 per bushel.
* “Huge speculative buying has driven this market higher, but it is also due to excellent demand,” said Jeff French, owner of Ag Hedgers, of the corn market. “It was just exaggerated and corrected, but it’s coming back really well.”
* Corn has been at the center of the cereal rally. The cold of planting in the United States and the dry growing conditions in southern Brazil have raised doubts about the harvest prospects in the world’s main exporters, at a time of tight supplies.
* Southern Brazil is expected to remain dry through early May, but an expected warmer weather coupled with rains in the US Midwest could aid planting and early crop development.
* “Early planting is good for yield potential. People tell me it’s planting really well, but it’s dry, so timely rains are going to be critical going forward,” said Bob Utterback, president of Utterback Marketing.
* Soybeans rose as supplies in the United States continue to decline and few farmers have saved the oilseed.
* US meat processor Perdue is shipping a shipment of 31,450 tons of Brazilian supplies to the United States, according to shipping data.
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* Wheat continues to be driven by persistent dryness on America’s Great Plains.
* The cancellation on Tuesday of a wheat import tender by Egypt was seen by traders as a sign that high prices were discouraging buyers.
(Reporting by Christopher Walljasper in Chicago; Additional reporting by Gus Trompiz in Paris, Edited in Spanish by Javier López de Lérida)