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CBOT July wheat jumped 4.6% to $5.74-1/4/bu, its highest since March, as speculators covered short positions. Algeria bought more than 500,000 tonnes in a tender, and the US winter wheat harvest started slowly due to wet weather.
Corn and soybeans also rose in sympathy.
Heavy fund short positions made wheat prone to a short-covering rally, which lifted feed grains too. The gain depends on fresh export demand and weather, so it may not last if harvest pressure returns.
grainews.caJulie Ingwersen, ReutersJun 18, 2025Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
Reports a ~4-4.6% wheat surge driven by short-covering, Algeria's 500k+ tonne purchase and a slow US winter wheat harvest due to wet weather, closely matching the size and timing of the HRW move (published 06-18, likely describing the 06-17 session).
Short-covering by speculators, Algeria's 500,000+ tonne purchase and a slow, wet-weather-delayed US harvest drove a sharp wheat rally, but it was dated June 18, just after the window ending June 17, so it likely reflects continued momentum rather than the cause.
