Chicago Board of Trade (CBOT) wheat and corn futures strengthened on Tuesday on technical moves as traders seek to unwind short positions ahead of uncertain springtime weather and upcoming U.S. Department of Agriculture reports, analysts said.
U.S. wheat futures rose 2.7 per cent on Monday as Russia's weekend attacks on Ukrainian ports underscored risks to exportable grain supplies from the Black Sea region, analysts said.
Speculators were busy covering some of their large net short position in canola in early March, according to the latest Commitments of Traders report from the United States Commodity Futures Trading Commission (CFTC).
Chicago Board of Trade wheat futures plunged on Thursday to approach their lowest level since 2020 and dragged corn prices down on spillover weakness, analysts said.
Chicago Board of Trade (CBOT) corn futures eased on technical selling on Wednesday, as market participants sought profits and assessed U.S. spring planting, analysts said.
Chicago Board of Trade wheat and soybean futures all turned higher on Tuesday as a stubbornly bearish market gained support from weather issues in Brazil and a flurry of short covering as funds shift out of their huge net short positions.
Chicago Board of Trade (CBOT) soybean futures drifted lower on Monday, amid ongoing pressure from a hefty global supply and signs of investors hunting for profits, traders said.
The net speculative short position in canola continued to rise in the first trading days of March, according to the latest Commitments of Traders report from the United States Commodity Futures Trading Commission (CFTC).