The courses of the CBoT-Weizenfutures 11% rose in the last three consecutive weeks. The support comes from potential crop losses in the southern U.S. Plains due to heavy rain and the short covers thus justified by fund companies. The front month on a 6-week high recorded at the hour.
Broker in the far East are forecasting further rises over $5.3 / bu, as more rains are predicted in the coming week, so Kaname Gokon by the brokerage firm of Okato Shoji in Tokyo this morning. The excessive rainfall in the HR winter wheat growing regions of the United States follow a multi-year drought. Verschlämmte floors and a disease pressure would adversely affect crop quality.
In addition, the message that it was too dry in Canada's wheat growing regions came yesterday.
