Wheat futures on the Chicago Board of Trade rose on Tuesday on technical buying and dollar weakness, traders said, with the spot December contract nearing a two-month high. The contract pushed through chart-based resistance at its 100-day moving average near $5.22 a bushel and reached $5.27, its highest since August 11, before settling at $5.26-1/4.
K.C. hard red winter wheat and MGEX spring wheat futures also rose, with K.C. wheat gaining relative to CBOT wheat on inter-market spreads. The dollar slipped against a basket of major currencies on continued expectations that the Federal Reserve will not hike interest rates this year. A weaker dollar makes US grains more competitive on the world market..
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