U.S. wheat fund sold short and the market closed lower across the board
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Last Update: 2008-11-03
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Source: Internet
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Author: User
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Introduction: three U.S wheat futures markets closed lower on Wednesday, mainly due to the pressure on the wheat market caused by the stronger dollar, the lower commodity as a whole, and the fall of corn and soybean futures in neighboring pools CBOT's may contract was down 7.75 cents at 336.75 cents / bushel; kcbts' may contract was down 6.25 cents at 341.50 cents / bushel; MGE's may contract was down 5 cents at 355.75 cents / bushel Although it is reported that Egypt's main national purchasing agency, general merchandise supply bureau of Egypt (GASC), has bought 60000 tons of American soft white wheat and 60000 tons of Australian soft wheat, which is friendly to the wheat market, the market is unable to resist the pressure brought by the large-scale short selling of index funds Analysts said the main reason for the fall in wheat futures was a stronger dollar The dollar strengthened again after the Fed raised its benchmark interest rate by 25 basis points on Tuesday, triggering a sell off boom in many commodity markets People on the floor also pointed out that commodity funds increased significantly in February and March, driving wheat futures to soar, which has made wheat prices into a level that cannot be explained by fundamentals At present, the market is only falling from the high point
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