was rising 0.4% to $72.02 in morning trading.
May corn futures were rising 0.7% to $7.57 ¾ a bushel and May wheat futures were 0.7% higher to $7.65 a bushel on expectations of a surge in Japanese grain imports, as Japan plays catch-up post-earthquake.
"While Japan's immediate commodity demand will likely slow, future imports may be considerably larger than what we have seen in the past," noted MaxYield Cooperative analyst Karl Setzer. "Not only will these imports cover grain that was lost in March's earthquake and tsunami, but meat products as well."
In a report, Setzer also wrote about risks of bacterial and fungal damage to stored grains as temperatures begin to rise.
Also lending support was the attraction of bargain hunters in the ethanol and livestock markets following Tuesday's corn futures drop, according to reports.
Archer Daniels Midland
was rising 0.4% to $35.68, while ethanol producer
was falling 0.3% to 70 cents.
was gaining 0.6% to $36.82. Meanwhile, plant nutrient producer
was up 0.2% to $76.85 and peer
was flat at $89.20.
was falling 0.3% to $19.44.
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-- Written by Andrea Tse in New York.
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