Wheat futures close steady in Chicago and technical resistance weighs
The futures of wheat of Chicago saw gains on Tuesday as traders eyed winter grain conditions in the Plains of the USA amid a second cold snap this season, though futures struggled against technical resistance.
The futures contracts Soy closed higher despite prices being pressured by a correction in soybean meal charts, traders say.
Corn futures closed lower amid technical selling and month-end positioning by investors.
The most active wheat contract on the Chicago Board of Trade added 8.75 cents to close at $7.6125 a bushel.
Soybeans on the CBOT rose 2.75 cents to $15.38 a bushel, while corn fell 4 cents to $6.7975 a bushel.
Wheat found support as winter wheat crop conditions in the US Plains remained uncertain, improving slightly in Kansas, the top US winter wheat producing state, during January, but fell sharply in Oklahoma, the third largest producer. , said the US Department of Agriculture (USDA) on Monday.
Wheat futures continue to struggle against technical resistance, said Kristi Van Ahn-Kjeseth, chief operating officer at consultancy Van Ahn and Company Inc.
“Wheat is at the lower end of the scale. It was hit hard,” she added. “We got a rebound off the bear and we’re trying to extend that.”
On Monday, soybean and corn contracts hit nearly two-week highs, while wheat hit a nearly four-week high.
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