There's nothing like a bit of inflation talk for boosting commodity prices. The idea being that, if asset prices are soaring, commodities are, well, assets.
And the US central bank, the Federal Reserve, did its bit to at least keep deflation fears away by saying late on Tuesday that it was moving closer to printing more money to support the US economy.
It was little surprise that gold, the most liquid retreat for investors concerned about devalued currencies (farm investors might argue for land), on Wednesday attempted a climb back towards its record intraday high of $1,290.70 an ounce hit in the last session.
And, indeed, the dollar did decline, tumbling 0.5% against a basket of currencies as of 07:10 GMT (08:10 UK time) so making US assets, such as crops, more affordable as exports.
Dollar help
With shares higher too, boosted by the Fed's readiness to support the world's biggest economy, and oil climbing back above $75 a barrel, supporting the case of crops used as biofuels, the backdrop for crop prices was good.
And so they strode off in good form again in Asian trading hours – this time, potentially, with less fear of getting slapped back in live US dealing, as they did in the last session, and for wheat on Monday too.
Indeed, a bit of help from the dollar, which fell to a six-month low, is timely for the grain, given the decision later by Egypt, the world's top wheat importer, on its latest tender.
No soft offers
There are two further hopes for tender victory.
One is that while the US has a modest record at Egyptian grain tenders of late, and won only 55,000 tonnes of 295,000 tonnes bought last week, there was talk that it might have done better if more than the 55,000 tonnes had been offered. That one offer was certainly competitive enough.
The second is that Egypt is asking for hard wheat, leaving France - the toughest competitor (largely on geographic grounds) since Russia banned grain exports - out of the picture. Only Australia, Canada and the US need apply.
The last hard wheat tender, a month ago, went America's way. That said, Canada is emerging as a tougher competitor on export markets, at least from the east coast, which dodged the dismal spring weather.
In Chicago, wheat prices rose 0.8% to $7.24 a bushel for December delivery.
On futures markets, at least, US wheat is competitive. That equates to $266, or E200, a tonne for Chicago's soft red winter wheat. Paris's November milling wheat contract closed the last session at E231.25 a tonne.
Power of three
Other factors for wheat watchers to look out for today including the moving average, which often provide resistance to prices moving through them – but when overcome provide the requisite negative or positive signal.
Chicago wheat lots closed the last session around their 20-day moving averages, ($718.25 a bushel for the December contract).
"The wheat charts have a slight negative bias to them for the short term. But Chicago December settled right on its 20-day moving average and all three lead contracts have yet to trade below their corresponding last weeks low," Dave Lehl at Benson Quinn Commodities said.
Another is the rule of three. Traders have noted a pattern of never falling more than three successive days. That may tempt them, of course, to get their fourth-day buying in early, ahead of others.
Russia export rumour
And yet another is renewed talk, picked up by Mike Mawdsley at Market 1, that Russia "may resume exports after they know the size of the crop".
A resumption looks unlikely, after officials showed farm stocks as of the end of last month, ie mid-harvest, at 21.55m tonnes, down one-quarter year on year. But of course Russia often moves in mysterious ways.
As for weather, "it remains too dry in Western Australia, limiting production and export prospects", Luke Mathews at Commonwealth Bank of Australia said, adding that despite some rain, Russia's drought problems "are far from solved and much more rain is needed".
'Fresh export demand'
Corn gained ground too, helped by the dollar and continuing thoughts of lower US yields, with Ag Resource setting the bar lower on Tuesday with a 157.0-bushels-per-acre estimate.
Chicago's December lot added 0.8% to $5.09 ¼ a bushel.
And soybeans added 0.5% to $10.85 ½ a bushel, remaining stubbornly strong despite pressure from the US harvest.
"I would think if soybean yields continue to be excellent, the $10.00 [a bushel] level could be tested during the brunt of harvest. But it hasn't done much good to think lately," Mr Mawdsley said.
Help has come from exports, with a success of fresh sales to Chinese coming through official daily reports.
"Supported at the level of $10.80 [a bushel], Chicago soybeans are likely to be lifted by the news that there is fresh export demand from China," Ker Chung Yang at Singapore-based Phillip Futures said.
In Kuala Lumpur, palm oil was also higher, adding 6 ringgit to 2,676 ringgit a tonne, helped by higher crude oil, but in soft volumes amid a series of holidays in Asia.
