Chicago agricultural commodities settle higher

Chicago Board of Trade (CBOT) grains futures closed higher on Tuesday as technical factors kicked in to provide support.

Wheat futures climbed in a light rebound from multi-month lows set on Monday, although forecasts for much-needed rains in the Plains wheat belt kept a lid on gains, analysts said.

Corn also firmed while soybeans were choppy as traders adjusted positions ahead of a pair of key crop reports due Friday from the U.S. Department of Agriculture.

The most active corn contract for May delivery rose 2 cents, or 0.56 percent, to 3.5775 dollars per bushel. May wheat delivery added 3.75 cents, or 0.89 percent to 4.245 dollars per bushel. May soybeans was up 0.5 cents, or 0.05 percent, to 9.72 dollars per bushel. In the outside markets, the Brent crude oil market is 0.89 dollar per barrel higher, the U.S. dollar is higher, and the Dow Jones Industrials are 100 points higher.

Cory Bratland, Kluis Commodities grain strategist, says that today's market activity features more of a bounce from oversold conditions along with lack of any new bearish news.

"Quiet trade, as traders position themselves ahead of the report out on Friday. Rallies, although very small, leading up to the report will be sold due to the large amount of bearish information out in the market place. " Bratland says. Endit