BEIJING: Chicago grain and soybean futures climbed on Wednesday after the dollar’s weakening to a four-year low made US crops more attractive for overseas buyers.
Grain markets were also monitoring the impact of a winter storm on US wheat fields and agricultural supply chains while assessing comments by US President Donald Trump about steps to approve use of a higher blend of corn-based ethanol fuel. Plentiful global supply of soybeans, corn and wheat, however, remained a curb on prices, analysts said.
The most active wheat contract on the Chicago Board of Trade was up 1.6 percent at USD5.31-3/4 a bushel by 1249 GMT, approaching a six-week high struck on Monday.
CBOT soybeans gained 1percent to USD10.77-1/2 a bushel after touching a one-month peak of USD10.78-3/4. CBOT corn was up 0.7percent at USD4.29-1/2 a bushel.
“In terms of competitiveness, US origins are benefiting from the sharp drop in the dollar, which is also lending some firmness to the broader commodity complex,” Argus Media said.
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