The question for Wednesday was whether, being the first day of the month, it would bring an influx of fresh money into crop markets.

Months' opening trading days often attract new buying, just as month ends often see position covering, as funds tidy up portfolios.

"The beginning of a new month on Wednesday has some in the trade looking at a possible influx of new speculative monies to find their way into commodities," Jon Michalscheck, at Benson Quinn Commodities, said

This indeed appeared the case in early deals, with Chicago crops rising pretty much across the board (soyoil was an exception), but particularly wheat, which suffered on Tuesday in a late sell-off which looked inspired by aforementioned fund washing up.

Chicago's September contract was 1.2% higher at $6.60 a bushel at 07:15 GMT (08:15 UK time), with the better-traded December lot adding 1.2% to $6.96 � a bushel.

German purchase 

And there were some fundamentals too to support buying, with a German miller buying 20,000 tonnes of high-protein US spring wheat.

It was the first German purchase of non-durum wheat for three years, the biggest milling wheat sale to the country in nearly a decade, and taken as sign of the potential demand out there for US grain.

Germany is normally itself a producer of wall-to-wall milling wheat, but its crop this year, tested earlier by a lack of rain, has deteriorated on the stalk thanks to a rain-delayed harvest.

Indeed, while there is plenty of wheat out there, as the United Nations reminded on Tuesday even while downgrading its production forecast, much of it is in non-exporting countries, such as China, or of unsuitable quality.

Further export news will come later when Egypt, the top importer of the grain, announces the results of its latest tender for hard wheat, putting Australia, Canada, Germany and the US on the shortlist, but not soft-wheat producing France, Cairo's main source of grain since supplies were switched off from the drought-hit former Soviet Union.

Rain where it's needed 

Speaking of which, Russia and Ukraine may provide some selling pressure, with rains stepping up their pace, reaching 2 inches on Tuesday, and with more to come, according to Meteorlogix.

"Increasing shower activity through western Ukraine and Central Region Russia will help condition soils for planting and early development of winter wheat," the weather service said.

"Rain is still needed through the eastern Ukraine and in south Russia to help these areas recover from a summer drought and to recharge soil moisture for the next wheat planting season."

This has, in some regions, only a further two weeks to go.

Rain has also been relieving dry Western Australia, although most falls have been modest, of up to 10mm, according to Luke Mathews at Commonwealth Bank of Australia.

"Preliminary feedback is that the rain has proved critical, although much more is needed and some crops may be beyond repair," Mr Mathews said.

Yield questions 

Elsewhere, corn for September added 0.7% to $4.27 � a bushel, getting back within range of its 14-month high.

"The trade continues to find support from expected global tightening of stocks for not only wheat but also feed grains," Mr Michalscheck said.

"Unanswered questions as to how the row crop yields will hold up in the US, along with the South American growing season, are still considerations that are providing a certain amount of risk premium in the markets."

Besides, funds were seen as major sellers, of 10,000 contracts on Tuesday, belying the marginal decline in prices, and may have got some bearish urges out of their blood for now.

Oil tie 

Soybeans were seen by Phillip Futures as a candidate for closing "marginally higher".

As crude oil recovers some of its 4% losses of Tuesday "we might see soybeans closing higher on the spillover strength", the Singapore-based broker said.

"Upside might be capped as crushers in China may buy from Heilongjiang stockpiles," the company added.

Crude had managed only a 0.2% rebound in early deals, to $72.05 a barrel.

Still, soybeans, whose soyoil product is used in making biodiesel, were on track to meet Phillip's forecast, adding 0.4% to $10.11 � a bushel for November delivery, which regained a small premium over November, up 0.1% at $10.10 � a bushel.

Exports slip 

In Kuala Lumpur, palm oil's recent rally ran out of steam, sapped by data showing Malaysian exports of the vegetable oil falling.

According to Intertek Testing Services, the decline in August, month on month, was 13.6%, while rival cargo surveyor Societe Generale de Surveillance put the decline at 17.8%.

Kuala Lumpur's benchmark November lot was 2.1% lower at 2,515 ringgit a tonne.