(Updates prices throughout, adds context in paragraphs 6-7)
LONDON/CANBERRA, Nov 13 (Reuters) - Chicago wheat
futures fell to a 10-week low on Wednesday after the U.S. dollar
surged to its strongest level in more than six months while corn
and soybean prices were little changed.
The most-active wheat contract on the Chicago Board of Trade
was down 0.6% at $5.49 a bushel at 1151 GMT after falling
to $5.45-1/4, lowest since Sept. 3.
The dollar scaled a 6-1/2-month high against a basket
of currencies, making greenback-priced U.S. crops less
attractive to overseas buyers holding other currencies.
Wheat has trended lower in the recent weeks as rain eased
dry conditions in the U.S., the Black Sea and Argentina, where
harvest is getting underway. Meanwhile, dry weather improved the
sowing conditions in waterlogged Western Europe.
Prices are nearing July's four-year low of $5.14-1/2 but
dealers said the scope for further losses appeared limited.
Winter wheat sown areas in Russia, the world's top exporter,
will shrink to 15.4 million hectares in the 2025-2026 season,
the lowest since the 2018-2019 season, Igor Pavensky, an expert
at Russian grain carrier Rusagrotrans, said on Wednesday.
Farm office FranceAgriMer also on Wednesday cut its forecast
for French soft wheat exports in 2024/25, with total shipments
now expected to plunge 40% this season after one of the
country's worst harvests in 40 years.
Vitor Pistoia, an analyst at Rabobank in Sydney, also cited
low wheat inventories among factors underpinning wheat prices.
"I would expect prices to be close to $6, not somewhere
close to $5."
In other crops, CBOT soybeans rose by a marginal 0.05%
to $10.11 a bushel and corn was 0.1% higher at $4.29 a
bushel.