Wheat rose in Chicago after four sessions of declines, rebounding from a 13-month low amid signs lower prices lured buyers. Corn slipped.
U.S. export sales of wheat were 661,379 metric tons last week, the Department of Agriculture reported yesterday, above the 350,000 to 600,000 tons expected by analysts. The European Union issued export licenses for 435,334 tons of soft wheat in the week through July 23, the most since April.
“The wheat market still has tremendous bearish potential,” Clement Gautier, wheat analyst at Horizon Soft Commodities in Noisy-le-Grand, France, said by phone. “The market is taking a pause for breath.”
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