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Wheat prices rebound from two-month low, but good weather curbs gains
Wheat futures rose on Tuesday away from a two-month low hit yesterday, but the good weather in the U.S. curbed the gains as markets await the Agriculture Ministry's report on Friday on the acres used for the crop in 2017.
As of 12:55 GMT, wheat May futures rose to $422 a bushel from the opening of $420, with an intraday high at $423, and a low at $419.
Wheat prices lost 0.9% yesterday, hitting a two-month low at $418, on concerns about global oversupply.
Weather forecasts in America indicate more gain in the southern western parts specially, which would support the wheat harvest there.
On Friday, the Agriculture ministry will release its report on the different sizes of land used to harvest the different crops, with expectations for the acres to rise in 2017 compared to 2016, hurting grain prices further in the next few months.
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