Wheat jumps 4% in Chicago, United States with short covering

Grains, Cereal & Legumes
United States
Market & Price Trends
Published Feb 21, 2024

Tridge summary

Wheat futures on the Chicago Board of Trade (CBOT) increased by approximately 4% on Tuesday, bouncing back from contract lows due to short position coverings associated with a weaker dollar. The rise was also influenced by geopolitical tensions, including the anticipation of new U.S. sanctions against Russia, the world's largest wheat exporter. The March contract increased by 22.25 cents, closing at $5.8275 per bushel, and the more active May contract rose by 20.25 cents to $5.7925.
Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

CHICAGO (Reuters) - Wheat futures traded on the Chicago Board of Trade (CBOT) rose about 4% on Tuesday, recovering from the contract's lows, due to covering short positions linked to a weaker dollar, according to operators. Geopolitical tensions also helped boost cereal futures, traders said. The March contract rose 22.25 cents to close at $5.8275 per bushel, while the more active May contract rose 20.25 cents to $5.7925. Commodity funds maintain a sizable net short position in CBOT wheat futures, leaving the market prone to short-term rallies. Some traders attributed wheat's strength to expectations of new U.S. sanctions against Russia, the ...
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