March 26 date U.S. wheat Comments: Technical rebound, close up

Beijing Lin PETROFER message March 27: March 26, the United States to close the three wheat futures market prices, the recent amendments to the decline in technical rebound.

CBOT5 month contract rose 6.50 cents to close at 514.50 cents / bushel.

KCBT5 month contract rose 5 cents to close at 560 cents / bushel.

MGE5 month contract rose 7.75 cents to close at 612.75 cents / bushel.

A dealer said after Tuesday and the March 25 crash, the wheat market should rebound in the amendment. He said that March 25 falls over the wheat market.

Wheat CBOT7 month contract on March 25 at 5.20 U.S. dollars explore the support after the rebound in the March 26 contract rose 6.25 cents to close at 527 cents / bushel.

Dealers continue to pay attention to the United States in central and southern Plains hard red winter wheat producing areas of the rainfall situation. Market speculation would help boost crop rainfall conditions, which constitute a week market stress and to continue to suppress the price of wheat.

Meteorlogix meteorological agency said the southern Plains the next few days will be rain and snow, and next week will be more rainfall.

Meteorlogix said the next few days look dry in most areas of the western Plains will be a medium to heavy rain, it will be very beneficial to have local wheat crop.

The United States Department of Agriculture will be held March 31 planting intentions report released area of prediction, which will include durum and other spring wheat acreage data. In addition, the same day the United States Department of Agriculture will release quarterly inventory report.

Precipitation over North Dakota to continue to attract market attention. One analyst said the Red River Valley basin because of the wet soil, some areas are facing floods, so the work may be delayed spring sowing.

The United States Department of Agriculture released weekly export sales report showed that, as of March 19, 2009 a week, net sales of U.S. wheat for 264,200 tons, higher than 24 percent last week, but lower than the average around 20%. 2009/10 to 124,000 tons of net sales.

It is located in the framework of market expectations.

(Li Lei for reference only)