CHICAGO: Chicago Board of Trade soft red winter wheat futures rose on Monday on a short-covering bounce as investors evened up positions ahead of a US Agriculture Department report, traders said.
* Hard red winter wheat futures at the Kansas City Board of Trade fell due to near-ideal growing conditions for the crop in the US Plains.
* Despite the gains in CBOT wheat, the benchmark May contract closed below all key technical moving averages. Prices had rallied above the 100-day moving average during the session but failed to hold support above that level.
* Analysts expecting USDA Department report on Tuesday morning to show 2011/12 domestic wheat ending stocks at 792 million bushels, down from the government's March forecast of 825 million.
* USDA reported weekly what export inspections of 17.605 million bushels, in line with analysts' estimates for 15 million to 19 million.
* Crop-boosting rainfall forecast for US Plains late this week. Western stretches of key hard red winter wheat-growing areas expected to get as much as 1 to 2 inches of rain, said John Dee, meteorologist for Global Weather Monitoring.
* The Commodity Futures Trading Commission said on Friday afternoon that large speculators raised their net short stake in CBOT wheat by 3,383 contracts to 79,986 as of April 3.
Comments
Comments are closed.