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Markets

CBOT wheat jumps on short covering, technical buying

CHICAGO: Chicago Board of Trade (CBOT) wheat futures rebounded on Wednesday on short covering and technical buying a

August 07, 2019

CHICAGO: Chicago Board of Trade (CBOT) wheat futures rebounded on Wednesday on short covering and technical buying as early selling pressure that spilled in from lower stock markets and crude oil evaporated.

* CBOT September soft red winter wheat ended 4-1/4 cents higher at $4.88-1/4 per bushel. The contract hit technical resistance at its 100-day moving average.

* K.C. September hard red winter wheat fell 1/4 cent to $4.17-3/4 a bushel and MGEX September spring wheat fell 1 cent to $5.21.

* Wheat prices remain anchored by worries over US export demand and by an advancing US winter crop harvest.

* Traders are beginning to square positions ahead of next week's US Department of Agriculture (USDA) supply-and-demand report.

* The USDA is due to report weekly export sales totals on Thursday morning. Net wheat sales are expected to be between 150,000 and 500,000 tonnes.

Copyright Reuters, 2019