By Julie Ingwersen

U.S. wheat futures rose on Wednesday, extending a rebound from multi-month lows as market players digested smaller-than-expected acreage estimates for the U.S. and Canada, analysts said.

Corn rose on supportive quarterly U.S. stocks data and soybean futures firmed on optimism about usage, they said.

As of 1:11 p.m. CDT (1811 GMT), Chicago Board of Trade September wheat (WU26) was up 10-3/4 cents at $6.00 per bushel, pushing through technical resistance at its 20- and 200-day moving averages.

Most-active December corn (CZ26) was up 6-3/4 cents at $4.42-3/4 a bushel, a day after hitting a contract low of $4.25-3/4. CBOT November soybeans (SX26) were up 6-1/2 cents at $11.50-1/4 a bushel.

CBOT wheat posted the largest advances on a percentage basis, with the September contract bouncing from a 4-1/2-month low posted a day earlier.

The U.S. Department of Agriculture on Tuesday estimated that U.S. farmers planted 42.7 million acres of wheat for 2026, below a range of trade expectations. The government projected total harvested wheat acres at 32.1 million acres, the lowest reading since 1877.

"The ags remain largely in the green, led higher by the wheat complex following yesterday's unexpectedly sharp reductions in acreage in both the U.S. and Canada," StoneX analyst Mike Castle wrote in a client note.

Statistics Canada on Tuesday estimated Canadian wheat plantings at 25.3 million acres, down 5.9% from 2025 and below a range of trade expectations.

Meanwhile, commodity funds hold a sizable net short position in CBOT wheat futures, leaving the market prone to short-covering bounces.

Corn advanced after the USDA quarterly stocks report on Tuesday pegged U.S. June 1 corn stocks at 5.295 billion bushels, below the lowest estimate in a range of trade expectations.

"CBOT grains ended the month on a positive note, supported by the friendly USDA report," CM Navigator analyst Donatas Jankauskas said. "That positive momentum in CBOT is continuing this morning at the start of the new month."

Soybeans followed wheat and corn higher. Soybeans have been supported by the possibility of renewed export demand from China at a time when demand from domestic crushers remains strong.

Ahead of monthly U.S. soy crushing data due later on Wednesday from the USDA, analysts surveyed by Reuters on average expected the agency to report that U.S. processors crushed 214.9 million bushels of soybeans in May.