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CHICAGO: Chicago Board of Trade wheat futures fell on Friday, pressured by US dollar strength and global supplies, though production issues have been noted in the southern hemisphere, analysts said.

CBOT December soft red winter wheat lost 10 cents to end at $6.21-3/4 a bushel. For the week, the most-active wheat contract fell 2.97%.

K.C. hard red winter wheat for December delivery added 2 cents to $7.64-1/2 a bushel. MGEX December spring wheat gained 2-3/4 cents to $8.02 a bushel.

The US dollar edged up against a basket of currencies on Friday, as the Federal Reserve considers additional interest rates hikes.

The United States sees viable routes to export Ukrainian grain through the country’s territorial waters and overland after Russia withdrew from the grain deal, a senior US official said, adding that they aim to return to exporting at pre-war averages from Ukraine over the next months.

Ukraine’s grain exports stood at 4 million metric tons in the 2023/24 July-June season as of Aug. 25, Agriculture Ministry data showed, including 1.7 million tons of wheat.

Chicago Board of Trade soyabean futures climbed on Friday, after a week of extreme heat likely eroded US crops across much of the US Midwest, while export sales added support, analysts said.

Benchmark November soyabean futures firmed 16 cents to $13.87-3/4 a bushel.

For the week, the most-active soyabean contract lifted 2.48%, its second consecutive week of gains.

CBOT December soyameal futures added $2.70 to $417.00 a ton. CBOT December soyaoil ended 1.18 cents higher at 63.36 cents per lb. The US 2023 soyabean crop could reach 4.110 billion bushels, advisory service Pro Farmer said after the market close, below the USDA’s most recent estimate of 4.205 billion bushels. Pro Farmer pegs yield at 49.7 bushels per acre.

Soyabean pod counts in Iowa were above three year averages, while Minnesota pods were the lowest since 2019, scouts on the Pro Farmer Crop Tour found.

Private exporters reported the sales of 121,000 metric tons of soyabeans to China for delivery in the 2023/24 marketing year, the US Agriculture Department said.

The return of the El Nino weather phenomenon should boost South American soyabean production as more rainfall can help farmers recover from this season’s severe drought in the lower latitudes of the continent, according to meteorologists and grain analysts.

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