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wheat

Wheat Rebounds From 3-Month Low as Drop May Revive Demand

Wheat rebounded from a three-month low in Chicago as traders weighed the potential that a recent drop in prices may revive demand against the outlook for ample global supplies.

Global wheat production may be 702.7 million metric tons in the 2014-15 season, bigger than a May forecast of 701.7 million tons, while smaller than last year's crop at 715.3 million, the United Nations' Food & Agriculture Organization said today. Wheat prices have tumbled 17 percent in Chicago since reaching a 14-month high on May 6 amid drought concerns in the U.S. Jordan said today it issued a tender to buy 100,000 tons of wheat, with bids accepted until June 11.

"The demand side could provide support to prices," Carsten Fritsch, an analyst at Commerzbank AG in Frankfurt, said in an e-mailed note today. "Selling pressure is being generated above all by plentiful supply outside the U.S., where ideal growth conditions are likely to result in very good crops."

Wheat for July delivery rose 0.2 percent to $6.1575 a bushel at 7 a.m. on the Chicago Board of Trade, after earlier falling as much as 0.4 percent. Futures touched $6.1075 a bushel yesterday, the lowest for a most-active contract since Feb. 28, before closing 0.3 percent higher. In Paris, milling wheat for November delivery increased 0.4 percent today to 192 euros ($260) a ton on Euronext.

Egypt, the biggest importer, raised the cap on humidity levels for imported wheat, which may allow French exporters to sell more of the grain to the North African country, Mamdouh Abdel Fattah, vice chairman of the country's state-run buyer the General Authority for Supply Commodities, said by telephone today. It will allow imports of wheat with a maximum humidity of 13.5 percent, up from a prior cap of 13 percent, he said.
European Union

Production in the European Union may climb to a six-year high of 145.9 million tons, according to a Bloomberg News survey, bigger than the European Commission's estimate released yesterday at 144.98 million. Global wheat stockpiles at the end of 2014-15 are set to increase 2.8 percent from the prior year to 181.7 million tons, the UN's FAO said.

Corn for July delivery was little changed at $4.5625 a bushel after dropping to $4.5425 yesterday, the lowest for a most-active contract since Feb. 28. Soybeans for delivery in November increased 0.2 percent to $12.195 a bushel.

To contact the reporters on this story: Whitney McFerron in London at This email address is being protected from spambots. You need JavaScript enabled to view it. ; Phoebe Sedgman in Melbourne at This email address is being protected from spambots. You need JavaScript enabled to view it.

To contact the editors responsible for this story: Claudia Carpenter at This email address is being protected from spambots. You need JavaScript enabled to view it. Sharon Lindores, John Deane

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