Forex news: Australian wheat futures face positive lead from U.S. futures, which closed solidly higher on technical buying, short covering, with CBOT September wheat +23 cents to US$8.34/bushel. Bulls could argue market saw "bullish reversal" yesterday, but difficult to see much upside potential, says Chad Henderson, analyst for Prime Agricultural Consultants, as ongoing U.S. winter wheat harvest, expectations for a record global crop are bearish. In southwest Australia some heavy rainfall, including near Esperance, plus central wheatbelt broadly receiving in range of 15-25 millimeters in week to yesterday morning will moderate some immediate concerns about soil moisture, if anything weigh on ASX January 2009 wheat, which yesterday down A$9 at A$325/ton
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