The wheat crop was facing weather concerns. “Weather concerns are starting to pick up from potential winterkill with next week's forecast expanding the cold temperatures into the Plains states,” the Hightower Report said. “There is very little snow cover in Nebraska and Kansas and traders will be monitoring low temperature readings.”
Wheat markets received support from a variety of sources. “The wheat market traded higher on firming cash markets, improving export demand and short covering (rolling short March positions to deferred months),” Ami Heesch, with CHS Hedging, said. “Prices were also supported on lack of farmer selling.”
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