April 22 (Bloomberg) -- Wheat rose to a seven-week high, extending this month’s rally, on signs that speculators are unwinding bets on lower prices by buying back futures contracts.
Net-short positions, or bets prices will fall, were at the second-lowest level since 2005 this month, and speculators may be exiting those holdings after wheat slipped to a six-month low on April 5. Since then, the price is up 9.4 percent. “We made new daily highs, and that triggered some stops, then we got above last night’s highs, and then moved above last week, and that triggered some more buys,” said Larry Glenn, an analyst at Frontier Ag in Quinter, Kansas. “We do have a seasonal tendency to rally this time of year, but usually it’s off some sort of weather scare.” more...
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