Home » Technical trading, short-covering and a weaker dollar, oh myPhoto: Sosland Publishing Co.
Recap for April 3
- Wheat futures launched a rebound Wednesday after sliding lower since the new week, month and quarter began. Lifting wheat was a round of short covering, technical trading, a weakening dollar and geopolitical news after Russia halted exports on some ships owned by one of the biggest local grain trading houses. Corn futures, too, firmed on short covering as the dollar weakened, though gains were limited by ample supplies and forecasts for good planting weather later this month on the heels of rainy, snowy conditions this week that improved soil moisture. Also, technical buying and short covering were behind soybean futures’ bounce from one-month lows induced by lackluster demand and increasing South American supplies. May corn added 5¼¢ to close at $4.31¾ per bu….
