Investing.com - U.S. wheat futures rose for the second consecutive session on Monday to move further away from a contract low as investors readjusted positions ahead of the U.S. Department of Agriculture’s closely-watched monthly supply and demand report due on Tuesday.
On the Chicago Mercantile Exchange, US wheat for May delivery rallied 9.25 cents, or 1.92%, to trade at $4.9150 a bushel during U.S. morning hours.
On Friday, wheat for May delivery touched a contract-low of $4.7840 before turning higher to settle up 2.0 cents, or 0.42%, at $4.8240.
The May wheat contract tumbled 31.5 cents, or 5.81%, last week, the worst weekly loss since September, as concerns over ample global supplies and indications of reduced demand for U.S. wheat weighed.
Meanwhile, US corn for May delivery inched up 5.0 cents, or 1.3%, to trade at $3.9063 a bushel, as strength in wheat spilled over.
Wheat and corn prices are linked because both can be used as animal feed.
US corn for May delivery shed 4.4 cents, or 1.15%, on Friday to end at $3.8600. Prices of the grain declined 6.76 cents, or 1.53%, last week.
Elsewhere on the Chicago Board of Trade, US soybeans for May delivery tacked on 5.75 cents, or 0.58%, to trade at $9.9113 a bushel.
US soybeans for May delivery fell to $9.7660 a bushel on Friday, the lowest since February 12, before ending down 0.4 cents, or 0.05%, at $9.8500, as concerns over Brazilian export prospects eased.
The May soybean contract slumped 44.74 cents, or 4.37%, last week, the first weekly loss in five weeks, as a two-week strike by Brazilian truck drivers appeared to be coming to an end.
Brazil is a major soybean exporter and competes with the U.S. for business on the global market, which could weigh on demand for U.S. supplies.
Corn is the biggest U.S. crop, followed by soybeans, government figures show. Wheat was fourth, behind hay.