Chicago Board of Trade wheat futures fell to the lowest levels in more than a week on Monday, pressured by gains in the dollar that made US wheat more expensive in global export markets, traders said. Wheat trimmed its losses late in the session as investors squared positions ahead of Tuesday's US presidential elections and Wednesday's US Department of Agriculture supply report.
The dollar climbed against a basket of currencies, making US goods including grain comparatively more expensive in some global markets. US wheat has already lost market share in export markets due to cheaper grain and freight costs out of Russia and eastern Europe.
Russian prices gained for the seventh straight week. Export inspections of US wheat of 494,154 tonnes in the week ended November 3 were near the high end of analyst expectations paled in comparison to soy export volumes of 2.6 million tonnes and corn volumes of 889,609 tonnes, US Department of Agriculture data showed.