Soft red winter wheat futures at the Chicago Board of Trade were firmer early Tuesday on follow-through fund short-covering supported by rallies in corn and soybeans, traders said.
Wheat futures were about 5 cents per bushel higher across the board by 11:56 am CDT (1656 GMT). September was up 5-1/2 cents at $3.08-1/4 and December was 5-1/4 higher at $3.22.
Funds net bought roughly 1,000 wheat contracts by the midsession, floor traders said.
The market was technically oversold and due for a post-harvest bounce. The nine-day relative strength index for September closed on Monday at 30, after closing on Friday at 13, still at the 30 level viewed as an oversold market.
Comments
Comments are closed.