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CBOT wheat rallies on short covering

28 May 2022 9:10 am
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Mumbai, 28 May (Commoditiescontrol): CBOT wheat futures rallied on Friday aided by the short-covering bounce as investors unwound bearish bets ahead of a three-day weekend.

Traders said the recent volatility in the market -- stemming from Russia's invasion of Ukraine -- made investors wary of holding onto positions when the market will be closed for a longer-than-usual stretch.

The benchmark Chicago Board of Trade July soft red winter wheat contract settled up 14-1/4 cents at $11.57-1/2 a bushel.

K.C. hard red winter wheat for July delivery was 9 cents higher at $12.37-1/2 a bushel and MGEX July spring wheat futures were 12-1/2 cents higher at $13.04-3/4 a bushel.

For the week, CBOT wheat was down 1.0 percent, K.C. hard red winter wheat was 1.2 percent lower and MGEX spring wheat was up 2.0 percent.

A group of South Korean flour mills bought an estimated 124,700 tonnes of wheat to be sourced from the United States, Canada and Australia in a tender.

Bangladesh is scrapping an international tender to import 50,000 tonnes of wheat as it received only one offer to supply the grain that was too expensive.

(By Commoditiescontrol Bureau: +91-22-40015505)

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