Wheat turns higher as Egypt seeks supplies, corn also up

Chicago wheat prices turned higher on Wednesday after earlier hitting a 3-week low as top buyer Egypt sought to take advantage of cheaper prices and an expected drop in temperatures next week raised concerns about crops in the Black Sea region.

CBOT wheat prices rose with March up 0.5 percent at $4.74 a bushel by 1126 GMT. The contract had earlier dipped to a three-week low of $4.71.

Egypt's General Authority for Supply Commodities (GASC) set a tender on Tuesday to buy an unspecified amount of wheat from global suppliers for shipment from Jan. 21-31.

"Egypt is taking the opportunity of current prices conditions to set a new wheat tender with results expected this afternoon," Agritel said in a market note.

Agritel also noted that mild temperatures had left crops in many areas, including the Black Sea region, without snow cover leaving them more susceptible to frost damage if temperatures were to fall sharply.