Wheat futures recovered from Tuesday's 3.5% plunge amid buying by financial investors who were reevaluating the market amid U.S. weather concerns and changes in the world supply outlook. Prices for the grain sharply rose by investors short-covering whom refocusing on dryness in the U.S. Great Plains. Speculation over reduced availability of wheat supplies from Russia also supported the market, with reports that Russian government may raise the prices to farmers who sell crops domestically rather than to export markets spurring hope that the U.S. could see an uptick in export demand as a result. "Yesterday's losses were exaggerated, the end user has shown a strong willingness to wait for prices to go lower." Prices for wheat had dropped on Tuesday, after USDA in a key crop report pegged stockpiles at higher levels versus a year earlier, reflecting slow export demand. May wheat surged 16 3/4 cents, or 3.3%, to $5.28 1/2 a bushel.