U.S. soybeans rose on Wednesday on bargain hunting after falling to near four-month lows, although expectations of bumper U.S. crops limited gains.
Corn and wheat also drew buying after plunges on Tuesday, due in part to an improving outlook for the U.S. corn harvest.
The most-active November soybeans on the Chicago Board of Trade were up 0.6 percent at $9.58-1/2 a bushel at 0951 GMT. Soybeans on Tuesday hit their lowest levels since mid-April as prospects for a large U.S. soy harvest prompted selling.
Most-active December corn was up 0.07 percent at $3.34-1/4 a bushel. Good U.S. crop prospects pushed corn prices to their lowest in nearly two years on Tuesday before a late recovery.
Most-active September wheat rose 0.3 percent to $4.02-1/2 a bushel, having touched contract lows on Tuesday when they dipped below $4 a bushel for the first time in a decade on selling pressure and good global supply prospects.
"Soybeans, wheat and corn are all being supported today by bargain hunting and technical buying following the low levels they hit on Tuesday in turn because of the outlook for large U.S. harvests this year," said Frank Rijkers, agrifood economist at ABN AMRO Bank.
"Corn is also being underpinned by news the Brazilian government is taking steps to allow more corn imports from the United States."
Brazil is working to adjust its regulations on imports of genetically modified organisms (GMOs) to allow more corn imports from the United States to avoid local shortages, the country's Agriculture Ministry said on Tuesday.
Imported GMO corn would be restricted to use in animal feed, the ministry said.
Concerns about the quality of corn and soybeans following poor weather early in the year have eased in recent weeks, and the U.S. Department of Agriculture's crop condition report on Monday reinforced views that U.S. crops are developing well.
Commodity brokerage INTL FCStone forecasts U.S. 2016 corn and soybean crops will hit all-time highs.
"I think today's price strength is a bargain-hunting spike rather than any fundamental change in the overall outlook," Rijkers said. "Bearish factors look to be dominant in the near future with U.S. crop weather remaining positive and expectations of good U.S. harvests remain."
(Reporting by Michael Hogan and Colin Packham, editing by Susan Fenton)