Wheat trading around 515.25 up 16.5
- Money flow in to wheat contract last week, net short position of wheat was reduce.
- but wheat have no bullish factor to support its prices. A big world supply and high export competition still bearish.
- The support would come from outside market and CBOT family is still rising.
- Some concern of wet weather would delay planting of soft red winter wheat.
- Argentina wheat planting had benefit from rain and cool temperature.
- USDA inspection reported actual is 18.627 million bushels inline with expected at 16-21 million bushels.
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