CBOT wheat ends up on short-covering recovery
CHICAGO: Chicago Board of Trade wheat futures closed higher on Monday on short-covering from oversold technicals and dry weather in the US Plains which is impeding hard red winter wheat seeding.
* Wheat prices in western Europe edged higher in hesitant trade as dealers weighed whether the recent setback in prices provided a buying opportunity. Concerns about a deepening debt crisis in the euro zone prompted caution.
* Only scattered and light showers were expected in the US Plains hard red winter wheat region this week, with no relief from the drought seen anytime soon, an agricultural meteorologist said on Monday.
* Growing concerns of economic recession present a key downside risk to agricultural commodity prices, Morgan Stanley said, cutting its 2011-12 wheat price forecasts.
* Money managers raised their bearish bet on CBOT wheat futures to the largest level in 27 months during the week ended last Tuesday as prices slumped due to worries about economic weakness - CFTC.
* December contract below all key moving averages and the nine-day
Copyright Reuters, 2011
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