Chicago wheat and soybean prices rebounded on Wednesday while corn dropped slightly.

The most active corn contract for March delivery lost 0.75 cents, or 0.11 percent, to close at $ 6.955 per bushel. March wheat gained 3.5 cents, or 0.48 percent, to settle at $ 7.355 per bushel. March soybeans rose 2.25 cents, or 0.16 percent, to close at $ 14.23 per bushel.

Corn traded only slightly lower Wednesday when it found support in a positive ethanol production report. The ethanol production for the week ending February 8 averaged 789,000 barrels per day, up 1.9 percent week on week but down 15 percent year on year, with total ethanol production for the week at 5.5 million barrels. Corn used in ethanol production last week was estimated at 82.9 million bushels, as against 81.3 million bushels the week prior. The cumulative amount of corn used for ethanol production in this crop year is 1.95 billion bushels.

Meanwhile, corn stocks by February 8 were 19.5 million barrels, down 3 percent week on week and 9.3 percent year on year.

After a week-long decline, wheat rebounded Wednesday. Investors are expecting positive export data Thursday.

Though favorable weather outlook for the US western plains and eastern Corn Belt over the next two weeks continued to dampen wheat prices, a more optimistic outlook for export demand is offering support. Multiple export tenders to the Middle East are pending; and there are rumors that Brazil and Russia are seeking wheat from the US.

Short covering pushed up soybean prices Wednesday.

Though improving weather conditions in Argentina and positive production prospects in Brazil exerted pressure on soybean futures, rain in Brazil is also delaying the harvest in key soybean growing areas. With vessels piling up in key ports in Brazil, the demand is jumping back to the US.