Chicago Board of Trade (CBOT) agricultural commodities gradually stabilized during Wednesday morning trading following declines over an updated supply and demand report.

As of 1554 GMT, January soybeans were up 2 cents at 9.7775 dollars per bushel, March wheat was up 5 cents at 4.1575 while March corn was up 1.75 cents at 3.495.

After the U.S. Department of Agriculture released its monthly world agricultural supply and demand estimates report on Tuesday, all the CBOT agricultural commodities went down in prices amid raised 2017/18 end stocks of wheat and soybeans.

However, wheat, corn and soybeans started to post modest gains as demand emerged overnight following a round of fund selling in the previous session.

Additional support came from the fact that CBOT commodities still remain competitive in prices when compared to their counterparts from Argentina and Brazil.

The price of U.S. gulf corn is at 156 dollars per metric ton for January, which is 2-3 dollars below Argentine offers, and 7-8 dollars below Brazilian, the AgResource company noted.

The U.S. gulf wheat is at about 174 per metric ton, compared to 177-178 dollars as the Argentine wheat is offered.