Chicago Board of Trade (CBOT) agricultural commodities closed higher on Wednesday, with soybean futures rebounding nearly 2 percent, as bargain hunters snap up cheap supplies that hit record low on Tuesday.

The most active corn contract for December delivery went up 2.5 cents, or 0.73 percent to close at 3.4575 dollars per bushel. December wheat delivery added 12 cents, or 2.35 percent to close at 5.225 dollars per bushel. November soybean delivery rose 16 cents, or 1.97 percent to close at 8.3 dollars per bushel.

CBOT wheat futures climbed on technical buying and tightening global supplies, while corn futures followed the firm trend.

Wheat firmed on a mix of chart-based buying, with the December contract approaching resistance at its 20-and 200-day moving averages, along with a pick-up in global export business that has reinforced ideas of tightening global supplies.

Egypt's main state wheat buyer on Tuesday booked 475,000 tonnes of wheat for two shipment periods, Syria bought about 200,000 tonnes of Russian wheat, and Turkey's state grain board issued a tender for around 252,000 tonnes of wheat.

Traders were also monitoring dry weather and potential for additional cold temperatures in Australia, a key wheat exporter, following possible frost damage last weekend.

As for weather forecast for agricultural crop, flash flood watches and flood warnings are in effect for parts of southwestern Wisconsin, southeastern Minnesota and northeastern Iowa this morning, according to the National Weather Service.