Chicago wheat rebounds on European weather worries

Chicago wheat prices recovered Monday, underpinned by trade concerns about the impact of severe winter weather on crops, notably in Black sea region. Soybean ends a tad higher as traders expect smaller South America crops will cause some increase in demand for U.S. supply.The most active corn contract for March delivery dipped 0.25 cents, or 0.04 percent, to close at 6.4425 U.S. dollars per bushel. March wheat recovered 7.75 cents, or 1.2 percent, to 6.685 dollars per bushel. March soybean rose 0.5 cents, or 0.04 percent, to close at 12.33 dollars per bushel.Wheat staged a strong comeback on Monday, as weather forecast showed that the Black Sea region may be forced to absorb another blast of cold air next week. With temperatures plunging below minus 30 degree in some Black Sea regions, there is widespread expectation that some winter crops will need to be reseeded.Meanwhile, the strong rally in wheat price has also been attributed to significant short-covering from fund traders amid signs of tightening world stocks of wheat, as well as signs of rising export demand for U.S. supplies.Soybeans also shrugged off pressure from a firm U.S. dollar, weaker energy and equity markets, as traders predict a sharp drop in Brazil and Argentina production due to hot, dry weather blamed on the La Nina weather phenomenon.