Grains and soybeans futures rebounded from recent losses as traders who were short the market or bet on lower prices, bought back contracts and liquidated positions. Wheat futures fell to the lowest level in more than two years and corn and beans saw sharp declines as US planting progressed. This opened the door for bargain hunters looking to cover short positions to buy back contracts at the end of yesterday's session and overnight trading. Rain has fallen this week and more is expected in parts of western Nebraska and Kansas. Still, about 40% of the Midwest remains dry, the Commodity Weather Group said in a note to clients. Temperatures in parts of the region will reach mid-90s peaks over the next seven days, although the week ahead will look cooler, the meteorologist said. Precipitation is expected to continue in the southern plains, the CWG said, where some areas have received up to six times the normal amount of rain in the past two weeks. Traders are also keeping an eye on ...
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