# U.S. wheat futures surge to 5-mth high on fund covering, global supply worries | Financial Post

> 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.

- Date: 2019-11-29 · published 2019-11-29T12:00:00.000Z
- Category: market · region US · magnitude medium
- Page: https://feedsoft.ai/events/56106-u-s-wheat-futures-surge-to-5-mth-high-on-fund-covering-global-supply-worries
- Commodities: [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md), [Soybeans](https://feedsoft.ai/c/SOY.md), [Corn](https://feedsoft.ai/c/CORN.md)

## Why it matters

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.

## Read by commodity

- CORN: bullish ▲
- WHEAT: bullish ▲

## Sources

- financialpost.com: https://financialpost.com/pmn/business-pmn/u-s-wheat-futures-surge-to-6-mth-high-on-fund-covering-global-supply-worries

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.