CBOT wheat rebounds as low prices spark demand
CHICAGO, Aug 7 (Reuters) - U.S. wheat futures rebounded on Thursday after hitting a five-year low on Wednesday as low prices stirred an uptick in demand and traders covered short positions.
Abundant global supplies of wheat from recent Northern Hemisphere harvests prompted a sell-off in the previous session.
Recent rainfall has boosted the outlook for harvests in Canada, Australia and Argentina, traders said, and Russian harvests have been reaching ports despite earlier concerns about the impact of drought in some regions.
Wheat from central area of Russia, the biggest exporter, is reaching ports, easing concerns about availability after poor early harvest results in southern regions.
The USDA reported weekly net export sales of wheat in the week ended July 31 totaling 737,800 metric tons, above analyst expectations.
CBOT September soft red winter wheat WU25 rose 9-3/4 cents to $5.18-1/4 a bushel after hitting a five-year low of $5.04 a bushel in the previous session.
K.C. September hard red winter wheat KWU25 settled 10 cents higher to $5.21-1/2 a bushel.
Minneapolis September spring wheat MWEU25 settled 5 cents higher at $5.74 a bushel.
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