Chicago wheat futures ended sharply higher on Wednesday, erasing the previous session’s big losses, supported by bullish outside markets and continuing strong export demand.

Corn closed at the highest level in more than 7 months. Soybean fell for the third straight session on speculations that the South American supplies of soybean would be larger-than-expected.

December corn climbed 7.5 cents, or 1.7 percent, to 4.4675 U.S. dollars per bushel. December wheat surged 23 cents, or 3.4 percent, to 7.0875 dollars per bushel. November soybean slid 4.5 cents, or 0.4 percent, to 10.055 dollars per bushel.

A stronger-than-expected ISM reading, combined with upbeat manufacturing data from China, and a better-than-expected economic growth in Australia have contributed to restoring investor confidence in global economic recovery. The sharp decline in the dollar has enhanced the competitive position of U.S. grain on the world markets.

Traders noted that Germany has bought 20,000 tons of U.S. wheat for the first time in three years, as excessive rain threatened to damage wheat crops in Germany. The news that Egypt bought 225,000 tons of U.S. wheat on Wednesday was also considered quite bullish to wheat price.

Traders added that the speculations that Germany is going to have to import 1 million tons of quality wheat to balance its drought-ravaged crop also gave strong support to wheat price.

Corn rallied as the stronger macro-economic outlook in the United States has helped to underpin the huge domestic feed and ethanol usage numbers predicted by the USDA. And a strong rally in crude oil also added upward pressure to corn and soybean.

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Hong Kong remained sixth in the global foreign exchange market, the Hong Kong Monetary Authority said Wednesday, citing the Bank for International Settlements triennial survey.

If transactions in the over-the-counter interest rate derivatives market are included, Hong Kong’s ranking moved up from eighth in 2007 to seventh this year.

In terms of dollar amount increases in foreign exchange trading activity, Hong Kong posted a 56.6 billion U.S. dollars increase and ranked fourth after the UK, the U.S. and Japan.

The Monetary Authority said Hong Kong’s results were broadly in line with global trends.

Hong Kong’s average daily net turnover of foreign exchange transactions grew by 31.3 percent to 237.6 billion U.S. dollars compared with the results of 2007.

Average daily net turnover of outright forwards rose by 117.6 percent to 32 billion U.S. dollars, while that of foreign exchange swaps increased by 20.5 percent to 147 billion U.S. dollars.

Hong Kong dollar against U.S. dollar remained the most heavily traded currency pair although its share fell from 40.5 percent to 29.4 percent, mainly because of substantial increases in other currency pair transactions.

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Chinese government Wednesday announced guidelines designed to boost the development of home services industry across the country, vowing financial support and tax cuts.

“The home services industry plays an important role in creating jobs. It also improves people’s living standards and expands domestic demand, helping adjust China’s economic structure,” said a statement issued after an executive meeting of the State Council, China’s Cabinet, presided over by Chinese Premier Wen Jiabao.

The government will prioritize development of housekeeping services, community services, senior citizen care, and home care for the sick to meet the basic needs of families, the statement said.

Delivery of household necessities and home education may also be developed in line with local conditions to meet the special needs of households, the statement added.

The government encourages business people to invest in the home services industry to nurture a domestic home services market, it said.

The statement also said public employment service providers must improve their services and offer free career counseling for home service providers.

The government also promised to intensify supervision of home service companies to safeguard consumer rights.

It also promised to take measures to safeguard service providers’ rights to reasonable salaries.

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