CBOT wheat rises on short covering after nearing six-week low
WEAT•CBOT wheat futures closed higher on short covering after falling to their lowest level in almost six weeks. December soft red winter wheat gained 4 cents to $6.92-3/4 per bushel.
1. Wheat futures rebound
CBOT December soft red winter wheat closed 4 cents higher at $6.92-3/4 per bushel after earlier sliding to $6.81-1/2, its lowest level since August 19. December hard red winter wheat was last down 2-3/4 cents at $7.43, while December spring wheat fell 2-1/4 cents to $6.99-1/4.
2. Reports due Wednesday
Analysts surveyed expected the Department of Agriculture to report U.S. wheat stocks of 1.872 billion bushels as of September 1, down from 2.134 billion a year earlier. The agency was also due to issue U.S. wheat production estimates. Winter wheat planting was 27% complete as of Sunday, below the five-year average of 34% and analysts’ 30% estimate.
