Wheat prices rebounded, settling higher after hitting a fresh intraday low as selling eased late in the day and investors exited short position. Prices for the grain slid to the lowest level in five weeks earlier in trade amid forecasts for continued rain in the Great Plains, which promise to bring much-needed moisture to crops. Analysts said the market ran out of willing sellers after hitting the lowest price since Mar. 10, prices also were supported by weaker U.S. dollar. Prices were further lifted by investors who shed bearish bets in case wet weather fails to materialize over the weekend. "We're so heavily short in the wheat market, so to see funds come in with some short-covering is not that surprising, The weaker dollar also "gave us a little support." May wheat gained 3 3/4 cents, or 0.8%, to $4.94 1/2 a bushel.
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