imageSYDNEY: US wheat futures held steady on Thursday after dropping back from early gains as US supplies were seen as too expensive. Trading was light with many Asian markets closed.

Corn rose for the third time in four sessions, while soybeans were little changed.

Chicago Board of Trade March wheat futures were flat at $ 5.27-3/4 a bushel, after having edged slightly higher in early trading. Wheat had closed down 1.3 percent on Wednesday.

Traders and analysts said prices remain under pressure from further evidence that US supplies are overpriced.

Egypt’s state grains buyer cancelled a tender to buy US wheat for an April 10-20 delivery, it said on Wednesday. The cheapest offer was about $ 60 a tonne more than wheat it bought earlier from France and Romania.

“It is a bumper season and the market is again reflecting a supply picture, you can get your wheat anywhere right now,” said Phin Ziebell, an agribusiness economist at National Australia Bank.

March corn rose 0.26 percent $ 3.84-1/2 a bushel, partly recovering from a 1.5 percent slide in the previous session.

March soybeans were little changed at $ 9.95-1/4 a bushel after falling 1.2 percent on Wednesday.

South America is in the early phases of record-large soybean harvests while there are still are plentiful supplies of both soybeans and corn after record US harvests last autumn.

Copyright Reuters, 2015