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European milling wheat rebounded from contract lows on Monday, tracking a rally in Chicago wheat that followed data showing large speculative net short positions. Gains were limited by large stocks and favourable northern hemisphere crop conditions, and Agritel raised its Ukraine wheat forecast to 19.3 million tonnes.
A short-covering rebound may be temporary, since large old-crop supplies and good crop prospects still cap wheat prices, leaving feed wheat costs range-bound.
agweek.comReuters MediaApr 18, 2016Not 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.
