Wheat gains on short covering

Wheat futures traded positive on Saturday due to short covering on the futures platform. The prices were on the recovery on the previous fall.
The millers are awaiting for the fresh crop arrivals to buy from the spot markets. The recent showers are also boosting the crop production prospects weighing on the market sentiments.
The decrease in the prices while volume and open interest are increasing indicates that the prices might remain bearish in short term. The basis of the wheat prices is increasing which is expected to continue for the day.
Outlook

Wheat futures are likely to trade down side for the day. The open market sale of the FCI is pressurizing the prices across the spot markets.
The harvesting in Punjab and U.P regions might start towards the end of March. The activities across the spot markets are reported very sluggish.
The higher buffer stocks and the anticipated increase in the production are affecting the market sentiments. Currently CBOT prices are trading marginally positive.

(Source: http://www.commodityonline.com/futures-trading/technical/Wheat-gains-on-short-covering-22371.html)