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Chicago wheat futures jumped to a five-month high on Friday after funds covered short positions as no deliveries were made against the December CBOT contract on first notice day. The most active contract closed up 2.9% at $5.41-3/4 a bushel, and corn also rose to a three-week high.
Fund short-covering in thin post-holiday trade amplified a rally supported by cash price strength, wet weather in Europe and Australia, and fears of lower US acreage. Traders see the move as partly technical, so buyers should expect volatility rather than a sustained trend.
financialpost.comReutersNov 29, 2019Not 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.
