Wheat jumps 2.4 pct, pares previous losses, Japan still a worry

(Reuters) - U.S wheat futures rallied by 2.4 percent to $6.84 a bushel on Wednesday, paring the previous session's 7.35 percent slump as commodity and equity markets regained composure after a series of steep losses since Friday's earthquake in Japan.

By 0630 GMT wheat on the Chicago Board of Trade stood at $6.82-3/4, up from $6.67-3/4 on Tuesday, while soybeans rose 1.6 percent to $12.90-1/2. Corn futures fell 0.4 percent.

"Grains have come down too far, too fast. The trade at the moment is to sell corn, buy wheat and soy," said Jonathan Barratt, managing director, Commodity Broking Services, noting positive longer-term fundamentals for wheat due to low moisture content in key growing areas in Eastern Europe.

(Source: http://www.reuters.com/article/2011/03/16/markets-grains-idUSL3E7EG0R220110316)