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Markets

CBOT wheat ends down on stronger US dollar

  • CBOT September soft red winter wheat settled down 12-3/4 cents at $5.22 per bushel.
  • Winter wheat harvest is expected to be 79% complete, up from 68% a week earlier. Estimates ranged from 75% to 85%.
Published July 21, 2020

CHICAGO: Chicago Board of Trade wheat futures closed lower on Monday after reaching nearly three-month highs last week as a strengthening US dollar made the grain less competitive on the world market, traders said.

CBOT September soft red winter wheat settled down 12-3/4 cents at $5.22 per bushel.

K.C. September hard red winter wheat ended down 13-3/4 cents at $4.35 a bushel while MGEX September spring wheat fell 6-1/4 cents to settle at $5.06-1/2.

The US Agriculture Department's (USDA) spring wheat crop ratings are expected to remain unchanged from last week in its weekly condition report, according to average analyst estimates in a survey on Monday. Analysts expect good-to-excellent ratings for spring wheat to be at 68% as of July 19.

Winter wheat harvest is expected to be 79% complete, up from 68% a week earlier. Estimates ranged from 75% to 85%.

Russian wheat export prices rose for the second consecutive week last week due to the slow pace of harvesting, which started later than a year ago, and weak supply from farmers in southern regions, analysts said.

Ukraine's seaport grain exports fell to 1.95 million tonnes in June, the last month of the 2019/20 season, from 3.68 million tonnes in May due to lower shipments of wheat and corn, analyst APK-Inform said.

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