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December 02, 2019 | Reuters

Wheat Near 5-Month High on Supply Woes

Wheat near highest since late June, extends Friday's rally

Chicago wheat futures on Monday traded near last session's five-month highs, with the market supported by concerns over tightening supplies and short-covering, reports Reuters.

Soybeans rose for the first time in eight sessions, rebounding from Friday's more than two-month lows, although uncertainty around a trade deal between Washington and Beijing limited gains.

"U.S. wheat exports continue at a pace a little ahead of expectations," Tobin Gorey, director of agricultural strategy at Commonwealth Bank of Australia, told Reuters. "And the market is also realizing its worries about Argentina's wheat crops. Reports from Argentina suggest yields in some regions are down by more than a third."

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