Wheat futures are on a roll again this morning, with lackluster early trade giving way towards more buying, sending futures to their next levels of chart resistance.
Chicago December wheat triggered stops on a move above its 20-day moving average, giving corn and soybeans a lift too. So far this enthusiasm looks like short covering, because funds hold big short positions in wheat and soybeans. There’s no fresh fundamental news circulating so far.
Listen to the conversation using the audio link on this page.Bryce Knorr, Senior Market Analyst, Farm Futures, first joined Farm Progress Cos. in 1987. In addition to analyzing and writing about the commodity markets, he is a former future introducing broker and is a registered Commodity Trading Advisor. He conducts Farm Futures exclusive surveys on acreage, production and management issues and is one of the analysts regularly contracted by business wire services before major USDA crop reports. Besides the Morning Market Review on FarmFutures.com, he writes weekly reviews for key commodities and crop inputs. A journalist with 38 years of experience, he received the Master Writers Award from the American Agricultural Editors Association.