CBOT wheat high near 5-month low on woes supply.
CBOT wheat futures on Monday traded near last session's five-month highs, with the market supported by concerns over tightening supplies and short-covering. The most active wheat contract on the Chicago Board Of Trade was unchanged at $5.41-3/4 a bushel. U.S. wheat exports continue at a pace a little ahead of expectations," said Tobin Gorey, director of agricultural strategy at Commonwealth Bank of Australia. And the market is also realising its worries about Argentina's wheat crops. Reports from Argentina suggest yields in some regions are down by more than a third." Asian millers are hoping for shipments from Argentina to ease tightness in supplies resulting from a drought in Australia. Heavy autumn rain is expected to lead to a fall in wheat sowings in France and Britain, raising early doubts over prospects for next year's harvest in Europe