date:May 24, 2013
off the high.
Wheat futures traded sharply higher today led by gains in the Chicago market. KC July wheat lost to Chicago but still traded positive into the closing bell. Light profit taking took place in long KC vs. short Chicago wheat spreads.
Short covering in corn helped to lift wheat futures but fundamentally speaking, some traders suggest the weather patterns favor a bearish bias in the wheat market. The European Union, Black Sea, and parts of the western plains in the US will see scatt