AgResource Midday Commentary; Sharp Rally on Momentum and Short Covering; Resting Orders Above the Market Lacking; Key USDA Report Due Monday
Short covering a new fund buying has lifted CBOT futures into the noon hour to sharp daily gains. Wheat/corn have been the upside leaders as doubt builds about the flow of Ukraine Grain Out of the 3-port export corridor with a key USDA Crop Report looming on Monday. And the US harvest maybe ahead, but…