CBOT wheat rises on short covering, technical buying
- CBOT March soft red winter wheat settled 2 cents higher at $5.77-1/2 per bushel.
- Forecasts for larger global supplies, including upgraded forecasts for Canadian and Australian crops, pressured wheat at times.
CHICAGO: Chicago Board of Trade wheat futures rose on Monday in a short-covering and technical buying bounce from earlier two-month lows, traders said.
CBOT March soft red winter wheat settled 2 cents higher at $5.77-1/2 per bushel. The contract traded below its 100-day moving average but closed above the key technical level.
K.C. March hard red winter wheat ended up 2-3/4 cents at $5.45-1/2a bushel and MGEX March spring wheat fell 1-3/4 cents to settle at $5.48-3/4.
Forecasts for larger global supplies, including upgraded forecasts for Canadian and Australian crops, pressured wheat at times.
The USDA on Monday said 530,781 tonnes of US wheat were inspected for export last week, within expectations for 400,000 to 600,000 tonnes.
Traders are looking ahead to Thursday's US Department of Agriculture (USDA) monthly supply-and-demand report.
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