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CBOT WHEAT UP FOR 3RD STRAIGHT DAY ON SHORT-COVERING, EXPORT DATA

Date 28-Oct-2016
Subject CBOT WHEAT UP FOR 3RD STRAIGHT DAY ON SHORT-COVERING, EXPORT DATA

CHICAGO: Wheat futures on the Chicago Board of Trade closed higher on Thursday for a third straight session, lifted by short-covering and stronger-than-expected weekly export sales, traders said.

CBOT December wheat settled up 3 cents at $4.14-1/2 per bushel.

K.C. December hard red winter wheat ended unchanged at $4.17 per bushel and MGEX December spring wheat closed unchanged at $5.25-1/2.

The US Department of Agriculture reported export sales of US wheat in the latest week at 646,100 tonnes, above a range of trade estimates for 350,000 to 550,000 tonnes.

Sales of hard red spring wheat, at 308,800 tonnes, accounted for nearly half the USDA's weekly all-wheat export sales total.

Commodity funds hold a large net short position in CBOT wheat, leaving the market susceptible to bouts of short-covering.

The International Grains Council raised its forecast for world wheat production for 2016/17 by 1 million tonnes, to 748 million tonnes. The USDA's current estimate is 744.44 million tonnes.

Source: Brecorder.com

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