CHICAGO: Chicago Board of Trade wheat futures fell more than 3% on Friday, joining broad declines in commodities and equities tied to mounting fears of a global recession that could hurt demand for goods, traders said.
CBOT December soft red winter wheat settled down 30-1/4 cents at $8.80-1/2 per bushel. However, for the week, the contract rose 20-3/4 cents a bushel or 2.4%, buoyed by escalating tensions in Ukraine that could further disrupt vital Black Sea grain exports.
K.C. December hard red winter wheat ended down 29 cents at $9.50-1/2 a bushel, and MGEX December spring wheat fell 28-1/2 cents to finish at $9.49-1/4.
Grains were pressured by strength in the dollar, which tends to make US wheat less competitive globally. The dollar index hit a two-decade high.
Additional pressure stemmed from rising estimates of an expected record-large Russian wheat harvest and ongoing grain shipments from Ukraine through a Black Sea corridor.
Recent rains in southern Ukrainian regions have improved conditions for continuing winter grain sowing, the state weather forecasting centre said.
SOYABEANS DOWN
Chicago Board of Trade soyabean futures closed lower for a third straight session on Friday, joining a widespread sell-off in commodities and equities tied to mounting fears of a global recession, traders said.
CBOT November soyabeans settled down 31-1/4 cents at $14.25-3/4 per bushel. For the week, the November contract fell 22-3/4 cents a bushel or 1.6%. CBOT December soyaoil ended Friday down 2.78 cents at 63.68 cents per lb and December soyameal fell $5.60 to finish at $423.30 per short ton.
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