Short Covering in KC Wheat
Jun 08, 2011
Kansas City wheat futures experienced a small bounce today, with some short covering ahead of tomorrow's USDA supply and demand reports, according to traders.
Chicago corn futures are leading the grain markets in strength today, especially with stronger basis levels for corn, traders said.
Traders are reluctant to be short in the market ahead of tomorrow's reports. The HRW wheat harvest is progressing, traders said, with reports of good test weights and excellent quality.
Production reports are a little better than expected at this point, traders added.
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