November 13 American wheat daily review: wheat continues to rise

On Friday, three U. S. wheat futures markets closed higher, extending recent gains, mainly due to long funds.

The CBOT12 monthly contract rose 7.25 cents to 539 cents per bushel, up 41.75 cents this week.

The KCBT12 monthly contract rose 5. 50 cents to 540.50 cents a bushel.

The MGE12 monthly contract rose 7. 25 cents to 555.75 cents a bushel.

Commodity funds bought 3000 contracts in the CBOT soft red winter wheat market. The wheat market was strongly supported by fund buying and technical buying in late trading.

One trader said that after the recent rally, CBOT wheat market technology is good. Due to the abundant global wheat supply and weak export demand, the fundamental situation of the wheat market remains negative.

The wheat market opened high and reversed the decline in overnight trading and has been on an upward trend during the day.

A broker said that the wheat market will continue to follow the trend of the neighboring corn and soybean markets to seek directions. On Friday, the corn market closed flat, while the soybean market closed lower.

The market is still talking about the quality of American corn. Problems with the quality of corn are good for wheat, because wheat can also be used as feed.

The KCBT December contract rose 39.50 cents this week.

Trading in the wheat market is weak and the trading volume is on the low side. The USDA will release its latest weekly crop report next Monday. As of November 8, 86% of winter wheat had been sown, below the five-year average of 93%, according to the USDA.

As American wheat faces fierce competition in the international wheat export market, American wheat export sales have been depressed.