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Wheat Rebounds from Three-Week Low

Wheat futures rose as much as 1.2% Tuesday

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U.S. wheat futures rose as much as 1.2% on Tuesday, rebounding from a three-week low touched in the previous session, as the U.S. Department of Agriculture pegged the condition of the crop below market expectations.

Reuters reports that corn rose, drawing support from wheat, while soybeans also edged higher despite concerns about excess supplies in the United States - the world's No. 1 exporter.

The most active wheat futures on the Chicago Board of Trade were up 0.7% at $5.37-1/4 a bushel by 0316 GMT, having closed down 2.4% on Monday when prices hit a low of $5.30-1/2 a bushel - the lowest since July 27.

Wheat rallied as the USDA said 75% of the U.S. spring wheat crop is in good to excellent condition, lagging slightly behind market expectations.

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