Wheat Rebounds From Seven-Month Low as U.S. Exports May Increase
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Wheat rose for a second day in Chicago on speculation demand will rebound for U.S. supplies after prices reached a seven-month low yesterday. Corn gained after nine sessions of declines.
Wheat plunged 22 percent from a four-year high achieved in July and corn slumped 18 percent from a record as global grain-production prospects improved after the worst U.S. drought since the 1930s hurt crops. Iraq is seeking to import 50,000 metric tons of wheat with bids due by Feb. 17, the Trade Ministry said. Bangladesh, the largest buyer in South Asia, aims to buy 50,000 tons with bidding closing Feb. 28.