The Hightower Report said, “Trading volume in Chicago wheat last week set new all-time highs as funds are moving out of a portion of their short positions. COT data showed Managed Money holding a short position of just over 85,500 contracts as of mid-last week, but the net short is likely smaller than that based on price action the 2nd half of the week. Thursday’s strong close was unable to carry beyond 200 day moving average resistance and the market is extending the pullback this morning.” Amanda Brill at Total Farm Marketing said, “Wheat futures have shown renewed strength over the past several sessions, with short-covering that began midweek still providing support. Managed money funds have been gradually reducing their sizable net short position over the past week, with activity appearing to accelerate as traders grow increasingly cautious about maintaining bearish exposure amid persistent sideways price action.”