COMMODITIES: Buying Month End

By Tim Hannagan
19 March 2010 @ 10:50 am EDT

A near-record short position may be what bulls have been waiting for. Wheat appears poised for a short covering rally. Those who remember the last one think back to Oct. 5, when trend-following funds entered the week short a record 60,000 contracts accumulated on a nine-week $1.50 drop. On that day, funds began buying back short positions and in three weeks rallied 1.30, cutting short positions held from 60,000 to 12,000.

IBTimes Commodity Commentaries

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