CHICAGO: Wheat futures on the Chicago Board of Trade fell Wednesday on spillover weakness from corn and soybeans and pressure from a resurgent US dollar, traders said.
The US dollar index hit a near 14-year high on the expectation increased U.S government spending could trigger higher inflation. A stronger dollar tends to make US grains less attractive on the world market.
CBOT December wheat settled down 2 cents at $3.97 per bushel, but stayed within the previous day's trading range.
K.C. December hard red winter wheat ended down 4-1/2 cents at $4.03-1/2 a bushel while MGEX December spring wheat ended up 4-1/2 cents at $5.19-1/4.
Algeria's state grains agency OAIC bought 580,000 tonnes of optional-origin milling wheat in a tender, European traders said.
The origin of wheat is at the seller's option, but traders thought it was likely to be sourced from the United States, Germany and the Baltic states.
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