(Bloomberg) -- Wheat soared the most in three months as a recent selloff lured traders back to the U.S. futures.

Varieties of wheat used for bread flour, cakes and cookies had tumbled 11% in the two months through Friday as funds soured on the grain amid weakening global demand and bigger-than-expected supplies. Now, those prices seem like a bargain given concerns about ongoing drought in key growing regions. Tensions between major wheat shippers Russia and Ukraine are another wild card.

The grain “got too cheap” compared to corn and soybeans, said Adam Knosalla, a broker at Frontier Futures in Minneapolis. “Everyone has their buying shoes on.”

Also bullish are some fresh signs of rising demand. U.S. inspections of wheat for export last week were 30% higher than a year ago. 

Futures tied to winter wheat rose as much as 4%, the biggest jump since October 1. Spring wheat relied on for pizza dough also gained.

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