WHEAT

Post 768 of 799

Values surging on technical buying with moving averages turning and funds reported short 22,000 contracts of Chicago wheat. More fundamentally the trade is reacting to news of China buying 200,000 tons of French wheat after earlier rumors of China buying Australian and inquiring over US offers. EU wheat closing up 11. Values rallying despite expansion of US HRW and SRW wheat harvest now. Warmer drier conditions seen in US wheat belt areas. Informa estimating US spring wheat plantings at 11.8 million vs 12.7 million estimate in March. This ultimately perhaps having limited impact on total US wheat production prospects vs the 2080 estimate in June.

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