The Chicago wheat futures rise to a seven-week high this morning in the third consecutive session. Market participants smooth their short position, as unfavorable weather conditions in the US growing regions limit winter wheat yields.
In some parts of the southern US Plains, where winter wheat is grown, the rain came too late and it was still too dry. The Asian broker noted this morning in their first market reports of the day. But they also believe that the upside potential is limited because a lot of supply is expected from the Black Sea region.
Text: HANSA Derivatives Trading GmbH / / Graphic: Saxo-Trader 
