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DTN's Todd Hultman charts December Minneapolis spring wheat near two-year lows, closing down 4 cents at $5.30 3/4 with record fund net-short positions. Chicago SRW December wheat ended at $5.01 1/2 after USDA estimated 9% smaller US SRW output due to a wet spring.
Record fund shorts and oversold technicals raise the chance of a short-covering bounce, while ample ending stocks and record world output keep the bearish fundamental backdrop intact for wheat feed-grain pricing.
dtnpf.comTodd HultmanAug 12, 2019Not 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.
