March 26 date CBOT wheat assessment: technical oversold, wheat prices rebound

Beijing Lin PETROFER message March 27: March 26, Chicago Board of Trade (CBOT) soft red winter wheat market closed up, the main reason is the recent sharp fall in, the noodle wheat market seriously oversold technology, much-needed amendments to rebound.

As of closing, CBOT wheat rose 6 cents to 7 cents range, one of May contract rose 6.50 cents to close at 514.50 cents / bushel; July contract rose 6.25 cents to close at 527 cents / bushel; 9 month contract rose 6.25 cents to close at 552.50 cents / bushel.

Wheat market, after the first two trading days after the crash, March 26 out of a modest rebound in the market. Overall, the wheat market is thin, a situation of disorder oscillation. The spot market, as well as weekly export sales data to the disk does not provide any guidelines.

Soft red winter wheat producing areas rainfall has been active stress to the wheat market. Dealers said the market has been largely digested.

May contracts fell in early trading, but tended to increase afternoon.

According to the United States Department of Agriculture released weekly export sales report showed that, as of March 19 of the week, this year sales of U.S. wheat exports to 264,200 tons next year to 124,000 tons, a total of 388,200 tons.

Export sales so far this year, still higher than the average five-year progress. Weekly export sales only reached 149,000 tons, will be able to achieve the United States Department of Agriculture's export forecast for the year.

Soft red winter wheat this week, sales fell to 35,300 tons. Soft red winter wheat in Egypt are the largest buyers, but canceled for unknown destinations 72,000 tons.

March 26, wheat market turnover is estimated at 85,345 in hand, empty hand set was 297,266.

(Li Lei for reference only)