- Early data shows Chicago wheat futures surrendering to a bout of profit taking after some significant gains in recent days, which left the market in an extremely overbought technical position. The resultant losses have rubbed off into both Paris and London markets although Chicago corn is less impacted and soybeans remain in positive territory. We believe the tick lower in wheat to be a correction rather than a fundamental change of heart, and also think that season highs are yet to be made; the move lower is in our opinion technical rather than fundamental.
International Agri Trading Ltd
Trading, Analysis, Consultancy
