SHORT COVERING RALLY IN WHEAT BUT UNDERTONE STILL WEAK - TopicsExpress



          

SHORT COVERING RALLY IN WHEAT BUT UNDERTONE STILL WEAK (25-09-2013) Following the reports about short covering by bears in a big way on the Chicago Board of Trade (CBOT), December soft red winter wheat futures was quoted at high of $6.60 per bushel with the thin trade of 52000 lots on Tuesday. According to the analysts, the undertone is still weak in wheat futures which increased for straight nine sessions out of last 11. Ample exportable wheat is available in India, UK, Australia, Canada & the US. In spite of increasing rally since last two weeks, the benchmark future is only 37 cents above the bottom of 52 weeks at $6.23. This is a short-covering rally. Prices would crash any time as the bears still have grip on the market. To continue reading log on to commnewspreviews
Posted on: Wed, 25 Sep 2013 02:35:30 +0000

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