Wheat Futures Rise on Short Covering

Wheat Futures Prices

Although wheat futures prices will remain under downward pressure, they did get some respite today as short-covering gave it a nice jump today, even after the spot contract plunged to an almost 6-month low.

The May wheat contract was ahead by 5 1/2 cents at $4.70 1/4 a bushel by 12:10 p.m., after falling to $4.62 1/4, a contract low and the lowest spot wheat price since October.

Price competition and a burgeoning global wheat supply has kept the price of wheat down for some time, and things don't look like they're going to change any time soon.

Wheat Futures Prices