Food Industry
Industry: Email Alert RSS FeedWheat Watch: CBOT Wheat Called Higher.
Resource News International, March, 2004
WINNIPEG, MB, Mar 22, 2004 (Resource News International via COMTEX)
Wheat futures at the Chicago Board of Trade (CBOT) are expected to start Monday's session on a firmer note with gains of 2 to 3 US cents. Much of the strength in wheat was expected to come from the anticipated sharp advances in CBOT soybean values. CBOT soybeans are seen opening 20 US cents a bushel higher Monday.
A higher close in e-cbot wheat trade overnight should help to underpin prices as should dry weather in parts of the US Great Plains hard red winter wheat belt.
However, the upside in wheat may be tempered somewhat by the absence of fresh export business over the weekend. The number of weak hands holding onto long positions was also seen as a bit of a concern....
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