# Wheat surges over 3 percent, most since October on short-covering - Agweek | #1 source for agriculture news, farming, markets

> Chicago wheat futures rose more than 3 percent on Monday, posting their biggest daily gain since October as investors cut a portion of a record-large speculative short position. Corn and soybeans also rose to multi-month highs on fund buying and South American weather problems. Heavy rain in the southern U.S. Plains and flooding in Texas were mostly beneficial for developing wheat.

- Date: 2016-04-18 · published 2016-04-18T12:00:00.000Z
- Category: market · region US · magnitude medium
- Page: https://feedsoft.ai/events/7722-wheat-surges-over-3-percent-most-since-october-on-short-covering-agweek-1
- Commodities: [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md), [Wheat (HRW)](https://feedsoft.ai/c/KWHEAT.md), [Corn](https://feedsoft.ai/c/CORN.md), [Soybeans](https://feedsoft.ai/c/SOY.md)

## Why it matters

Short-covering by funds with a record net short drives sharp price gains that may fade once the position is reduced. Wheat is a feed ingredient, so buyers may face higher costs in the short term.

## Read by commodity

- SOY: bullish ▲
- CORN: bullish ▲
- WHEAT: bullish ▲
- KWHEAT: bullish ▲

## Sources

- agweek.com: https://www.agweek.com/business/wheat-surges-over-3-percent-most-since-october-on-short-covering

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