* Egypt seeks offers for hard wheat supplies
* U.S., Canadian and Australia invited to tender
U.S. wheat futures rose nearly half a percent in Asian trade on Wednesday, buoyed by a weaker dollar as well as a fresh tender by Egypt,  the world's largest wheat importer.
The U.S. Federal Reserve's determination to prevent deflation, revealed on Tuesday, also lent support, given that investors often buy commodities as a hedge against inflation.
The possibility of the Fed pumping billions of new dollars into the U.S. economy to stimulate growth has put inflation back on the agenda as well as weakening the greenback.
"The U.S. dollar weakness is the main driver across all the commodities," said Brett Cooper, senior manager markets, at FCStone Australia.
"I think it is the sort of environment where you will see pretty healthy consumptive demand on pull-backs and we could be seeing a little bit of that today," said Cooper.
The December wheat contract rose 0.5 percent to $7.21-½ per bushel by 0254 GMT after falling nearly two percent in the previous trading session on concern over U.S. wheat stockpiles.
Egypt's state grain buyer announced after trading closed in Chicago that it was seeking cargoes of hard wheat for shipment during Nov.
11-20 and would consider offers from the United States, Canada and Australia.
"The U.S. will probably be pretty competitive for that business," said Cooper.
Wheat and corn prices, already riding high because of tight markets for both commodities, stand to benefit further from the Fed's efforts to rekindle a healthy level of inflation in the U.S. economy, said Scott Briggs of ANZ bank.
"We know the last six to eight weeks has seen a big push by funds into the (agricultural commodities) space, more off the back of fundamentals than anything," Briggs, ANZ's London-based director for commodities, said in a note to clients.
If funds are willing to chase prices even higher on the back of the Fed's statement, this could stretch valuations, he added.
"Corn for December delivery rose 0.3 percent to $5.06-¾ a bushel after dipping on Tuesday as wheat retreated.
Corn futures are also drawing support from expectations of lower-than-expected yields from the current U.S. harvest.
A poll of 15 analysts surveyed by Reuters pegged the average U.S. corn yield at 160.6 bushels per acre, down 2.3 bushels from a survey earlier this month.
Soybeans for November delivery rose 0.30 percent to $10.83-¼ per bushel, nearly recovering all of Tuesday's losses when the contract was caught up in wheat's sell-off.