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Chicago wheat fell 17 to 18.5 cents on March 1 after a double-digit selloff, leaving May SRW down 15 cents for the week. KC wheat closed down 3.2% to 3.9% and spring wheat fell 3 cents on the week.
Managed money cut its SRW net short by 12k contracts to 56k.
Fund short covering can support prices in the near term, but the weekly losses reflect weak fundamentals. Position data shows speculative positioning adjusting to the downtrend.
ibestmedia.comMar 4, 2024Not 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.
After a heavy selloff on March 1 and a reduced managed money net short, wheat was cautiously firmer into March 4, pointing to short covering and a technical rebound.
