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Chicago Board of Trade wheat futures rebounded on Thursday after hitting a five-year low the previous day, and corn recovered from earlier contract lows as technical support and signs of new export demand countered the pressure of ample supplies, traders said.

Chicago wheat futures slipped to a five-year low on Wednesday, while corn set contract lows for the third session in a row as ample global supply hung over grain markets.

Chicago wheat futures plunged to contract lows on Tuesday to approach their lowest point since 2020 as sinking corn futures and seasonal supply pressure from Northern Hemisphere harvests weighed on the market, traders said.