Wheat Buying
Bearish wheat holdings declined to 47,844 contracts from 50,152 a week earlier. The U.S. last week cut its forecast for global inventories by 4.9 percent amid rising demand in China. U.S. export sales jumped to 1.47 million metric tons in the week to July 4, more than double a week earlier, with China buying 1.02 million tons, according to government figures.
“I’d be a buyer of commodities,” said James Paulsen, the Minneapolis-based chief investment strategist at Wells Capital Management who helps oversee more than $340 billion of assets. “Demand for commodities is going to hinge on whether the emerging world does a little better in the second half, and my feeling is that it will.”