CBOT wheat gains on technical buying, weak US dollar
- K.C. July hard red winter wheat ended up 7 cents at $4.57-3/4 a bushel and MGEX July spring wheat added 3-3/4 cents to finish at $5.20-1/4.
- A weakening dollar added support to wheat, in theory making US grains more competitive on the world export mark
CHICAGO: Chicago Board of Trade wheat futures gained on Wednesday on technical buying after a two-session decline and on improving export prospects as the US dollar softened, traders said.
CBOT July soft red winter wheat settled up 4 cents at $5.12 per bushel.
K.C. July hard red winter wheat ended up 7 cents at $4.57-3/4 a bushel and MGEX July spring wheat added 3-3/4 cents to finish at $5.20-1/4.
A weakening dollar added support to wheat, in theory making US grains more competitive on the world export market.
Ahead of Thursday's weekly US Department of Agriculture export sales report, analysts expect the government to report export sales of US wheat in the week ended May 28 at 150,000 to 850,000 tonnes (old and new crop years combined).
Rallies were capped by seasonal pressure from the expanding US winter wheat harvest. The USDA late Monday said the US winter wheat harvest was 3% complete by Sunday, just ahead of the 2% five-year average.
Traders continue to monitor improving weather in Europe, as much of the continent is expected to receive above-average rainfall in the coming week, notably in the grain basket regions of northeastern France.
Comments
Comments are closed.