IKAR in Mass and Industry Media

CBOT wheat closes firm after hitting near-7-week low

Reuters

May 20 (Reuters) - U.S. wheat futures rose on Monday, closing near daily highs on a late round of short-covering after prices traded in negative territory for most of the session, traders said.

* The benchmark Chicago Board of Trade July soft red winter wheat contract fell to its lowest level since April 2 before buyers stepped into the market.

* Volumes were thin, which allowed for the quick price swing into positive territory ahead of the closing bell.

* Rain forecast in eastern U.S. Midwest early this week, said John Dee, meteorologist for Global Weather Monitoring, which will help the maturing soft red winter wheat crop in key growing states such as Indiana and Ohio.

* U.S. Agriculture Department said on Monday morning wheat export inspections were 21.149 million bushels in the latest reporting week, down from 23.986 million last week but just above forecasts for 18 million to 21 million.

* Russia's Institute for Agricultural Market Studies (IKAR) raised its 2013 wheat crop forecast by 2.5 percent to 53.8 million tonnes due to a bigger-than-expected harvest in its largest growing region.

 1:20 PM CDT     LAST    NET     PCT      LOW    HIGH  CURRENT
                        CHNG    CHNG                       VOL
 CBOT JUL      686.50   3.25     0.5   674.50  688.50   43,628
 CBOT SEP      694.00      3     0.4   682.00  695.50    9,389
 KCBT JUL      745.50   8.25     1.1   731.50  745.75    9,121
 KCBT SEP      750.75    6.5     0.9   738.50  751.25    1,906
 MGEX JUL      811.00   7.25     0.9   800.25  813.00    1,604
 MGEX SEP      799.50    4.5     0.6   791.00  800.00    1,210
                                                                  
 TOTAL MARKET                      VOLUME  30-D ATM VOLATILITY
                CURRENT            250D AVG  CURRENT      CHG
 CBOT WHEAT      70,453             104,262     25.3     -0.5
 KCBT WHEAT      13,055              20,509                  
 MGEX WHEAT       3,393               4,797                  
 EU WHEAT          14,450              24,422                  
 

20.05.13

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