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US wheat prices on the up

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U.S. wheat edged higher on Tuesday, rebounding from an eight-day low touched in the previous session, as the threat of cold weather to U.S. production provided some support.

Soybeans edged lower, extending losses into a second straight session, while corn was unchanged.

The most active wheat futures on the Chicago Board Of Trade rose 0.1 percent to $4.05-1/2 a bushel by 0300 GMT, after closing down 1 percent on Monday and dropping to a low of $4.03 - the lowest since Dec. 8.

Unfavorable weather was supportive for prices, analysts said, but the market remained largely unconcerned.

"The market is a bit concerned about the cold weather but the reality is any losses in winter could be easily recouped with some good spring rains," said Andrew Woodhouse, grains analyst at Advance Trading Australasia.

Since the weekend, parts of the U.S. Plains and Midwest have experienced negative Fahrenheit temperatures, equivalent to minus 18 degrees Celsius or lower, a level that can threaten wheat crops depending on snow cover.

Some reports suggest as much as 20 percent of the crop was potentially at risk because of the cold weather.

The most active corn futures were unchanged at $3.53-1/4 a bushel after closing down 0.8 percent in the previous session.

The most active soybean futures fell 0.2 percent to $10.19-1/4 a bushel, having closed down 1.5 percent on Monday.

From Reuters.

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