The most active corn contract for December delivery rose 8.75 cents, or 1.49 percent, to settle at 5.9525 U.S. dollars per bushel. September wheat fell 3.5 cents, or 0.43 percent, to settle at 8.1075 dollars per bushel. November soybean gained 6.5 cents, or 0.48 percent, to settle at 13.495 dollars per bushel.
CBOT's recovery following Tuesday's sharp fall indicates that seasonal lows are being formed. Chicago-based research company AgResource will monitor a UN press conference to gauge if any progress has been scored in the opening of grain export corridor for Ukraine.
U.S. June inflation reached 9.1 percent, the highest since 1981, well above estimates of 8.6-8.8 percent. The U.S. central bank is expected to raise its lending rate by 0.75 percentage points later this month. AgResource also looks for another 0.5-percentage point rate hike in the Fed's September meeting.
The United States produced 297 million gallons of ethanol last week, and its gasoline consumption fell 13 percent to 8.06 million barrels per day.
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