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Markets

CBOT wheat sinks on firm dollar, technical selling

CHICAGO: Chicago Board of Trade (CBOT) wheat futures fell on Tuesday on technical selling and as a firming dollar st

August 06, 2019

CHICAGO: Chicago Board of Trade (CBOT) wheat futures fell on Tuesday on technical selling and as a firming dollar stoked concerns about US export prospects, traders said.

* CBOT September soft red winter wheat ended 10-1/2 cents lower at $4.84 per bushel. The contracts hit chart resistance at its 20-day moving average. Selling accelerated as it broke through chart support at its 100-day average.

* K.C. September hard red winter wheat fell 8-3/4 cents to $4.18 a bushel, and MGEX September spring wheat fell 2-1/2 cents to $5.22.

* Concerns about US wheat export demand and ample world supplies weighed on prices. A firmer dollar makes US grain exports costlier for buyers holding other currencies.

* Egypt's GASC bought 415,000 tonnes of Russian and Romanian wheat on Tuesday at an international tender.

* The US Department of Agriculture (USDA) rated 73% of the US spring wheat crop in good to excellent condition in its weekly crop progress report, unchanged from a week ago.

* The USDA also reported the US winter wheat harvest to be 82% complete.

Copyright Reuters, 2019