Wheat surges short covering

Wheat futures sustained the positive on Saturday on extended short covering at the futures platform. However the activities across the spot markets were indifferent to the futures price movement.
The full swing harvesting activities across the major growing regions and the bumper crop expectations prevented the prices from any steep gains.
The decrease in the prices, volume and open interest are increasing indicates that the prices might turn bullish for the day. The basis of the wheat prices is recovering which is expected to continue for the day.
Outlook

Wheat futures are projected to open positive while the down trend can be seen in the later hours of the day. FCI procurement has started across the spot markets of Madhya Pradesh from last fort night which might impact the prices to weaken.
The increased production estimates and congenial weather conditions for harvesting are affecting market sentiments. The harvesting in Punjab and U.P regions has started and the arrivals might hit the spot markets from April. The FCI procurement is likely to increase by 16% to 26 million ton compared to 22.5 million tons last year.

(Source: http://www.commodityonline.com/futures-trading/technical/Wheat-surges-short-covering-22844.html)