Wheat rose for the first time on Wednesday after prices dropped from a record high last month.
Iraq bought 300,000 metric tons of U.S. hard-red winter wheat for delivery by May 31, the Department of Agriculture said today. U.S. exports in the marketing year that began June 1 have more than doubled from a year earlier.
Wheat futures in Chicago are down 12 percent from a record $9.6175 a bushel on Sept. 28 according to Bloomberg data.
Wheat futures for December delivery rose 7.5 cents, or 0.9 percent, to $8.53 a bushel on the Chicago Board of Trade, after yesterday falling to $8.35, the lowest since Sept. 14.
Other agriculture futures climbed Wednesday on the Chicago Board of Trade, as soybeans led the gains.
December live cattle rose 0.12 cent to 96.62 cents a pound; November feeder cattle fell 0.18 cent to $1.1307 a pound; December lean hogs rose 0.05 cent to 59.77 cents a pound; February pork bellies dipped 1.05 cents to 85.67 cents a pound.
A weakened dollar also has helped sales of commodities because importers using other currencies have more buying power. The dollar's value is down 5.2 percent in the past six months against six major world currencies including the euro and the yen.