Chicago wheat futures largely unchanged

CHICAGO: Chicago wheat futures were largely unchanged on Friday, with the market on track for its biggest weekly decline since early August, as plentiful Russian supplies and a stronger dollar weighed on prices. Corn and soyabeans were poised for weekly losses with freshly harvested US crops adding to ample South American supplies. “Russian prices are certainly leading the way in price trend. Nearby prices are also getting pressured by export expectations from Ukraine,” a Singapore-based grains trader said.

“For the near term, there is certainly no shortage of wheat supply.” The most-active wheat contract on the Chicago Board of Trade (CBOT) was unmoved at $5.75-3/4 a bushel, as of 0245 GMT and down 4.7% this week, its biggest drop since early August. Soyabeans were up 0.3% at $12.98 a bushel and were down 3.1% over the week. Corn was flat at $4.75-1/4 a bushel and was set for a weekly decline of 0.2%. The US dollar hit a six-month high against a basket of major currencies on Thursday after the US Federal Reserve warned interest rates would remain higher for longer.