Before labor day in the United States, the "labor day" on Monday, there are extensive short covers at the Weizenfutures on the CBoT. As a result, that the prices rise on the second day in a row, but what doesn't change the fact that it we today claim to the second weekly loss in a row. The supply situation in the world is abundant.
The week loss so far was 2.5% this week and the week before that even 8.4%.
There is also a glimmer of hope for the cash market, because India will begin in September to buy larger amounts of wheat on the world market. Since 2014/15, India eating away at its stores, because small failed harvests due to the El Nino weather phenomenon and the wheat consumption due to the rising population figures rose. Wheat prices in India have risen to a record high since then and will probably still continue to rise.
