On June 1, it was reported that the Chicago Board of Trade (CBOT) soft red winter wheat futures market closed up on Wednesday, with the benchmark period closing about 0.60% higher because bargain hunting appeared in the late market.
CBOT wheat fell 6.23% in May, the eighth consecutive monthly decline, compared with an 8.45% drop in April.
Speculative funds sold off that day, causing wheat prices to fall for most of the time, but bargain hunting emerged in late trading, helping the broader market reverse its decline.
The wheat market appears to be trying to stabilize after Tuesday’s 4.20% loss, with relatively active short covering.
The position report released by the US Commodity Futures Trading Commission shows that as of the week of May 23, speculative funds have already held a considerable net short position in the CBOT wheat futures and options market.
