CHICAGO: Chicago Board of Trade wheat futures closed lower on Friday on technical selling and spill over weakness from corn and soybeans amid worries about the health of the global economy, traders said.
CBOT December soft red winter wheat settled down 14-1/2 cents at $7.28-1/4 per bushel. For the week, the contract fell 46 cents per bushel or 5.9%, retreating after a three-week climb.
K.C. December hard red winter wheat ended down 12-1/2 cents on Friday at $7.15-3/4 a bushel and MGEX December spring wheat fell 2-1/4 cents at settle at $9.02-1/4. Strength in the dollar this week hung over the market, making U.S. grains less competitive globally. The dollar index was down 0.12% around midday, but was in a position to see its strongest week in two months.
Russia plans to send two vessels with a total of 60,000 tonnes of Russian wheat to Algeria in September, two sources familiar with the upcoming supply told Reuters. Russia is the world's largest wheat exporter and has been lobbying for access to the Algerian market, usually dominated by French wheat, for years.
Comments
Comments are closed for this article.