financetom
World
financetom
/
World
/
GRAINS-Chicago wheat futures fall to 10-week low on firm dollar
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
GRAINS-Chicago wheat futures fall to 10-week low on firm dollar
Nov 13, 2024 5:52 AM

(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.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
CANADA STOCKS-TSX adds to weekly gain as investors favor inflation hedges
CANADA STOCKS-TSX adds to weekly gain as investors favor inflation hedges
Apr 26, 2024
* TSX ends up 0.4% at 21,969.24 * For the week, the index rises 0.7% * Materials shares lead gains * First Quantum Minerals ( FQVLF ) shares jump 12.5% (Updates at market close) By Fergal Smith April 26 (Reuters) - Canada's resource-heavy main stock index rose on Friday, adding to its weekly gain, as evidence of stubborn inflation in...
GLOBAL MARKETS-Global stocks gain on Big Tech lift; yen slides to fresh 34-yr low
GLOBAL MARKETS-Global stocks gain on Big Tech lift; yen slides to fresh 34-yr low
Apr 26, 2024
* Google, Microsoft earnings signal Wall Street relief rally * US consumption data also aids sentiment * Japan's yen sinks to another 34-year low (Updated at 2:49 p.m. ET (1849 GMT) By Chris Prentice and Naomi Rovnick NEW YORK/LONDON, April 26 (Reuters) - Global stocks were higher on Friday as Big Tech gains lifted Wall Street shares, while Japan's yen...
EMERGING MARKETS-Latam stocks, FX track global markets higher, head for weekly gains
EMERGING MARKETS-Latam stocks, FX track global markets higher, head for weekly gains
Apr 26, 2024
* Brazil's inflation slows to 0.21% in mid-April vs est 0.29% * Brazil's cenbank chief points to US interest rates as major beacon * S&P Global Ratings cuts Peru's rating * Latin American stocks jump 1.5%, FX adds 0.8% By Bansari Mayur Kamdar April 26 (Reuters) - Currencies and stocks in Latin America rose on Friday, setting both indexes on...
GLOBAL MARKETS-Global stocks gain on Big Tech lift; yen swings to fresh 34-yr low
GLOBAL MARKETS-Global stocks gain on Big Tech lift; yen swings to fresh 34-yr low
Apr 26, 2024
* Google, Microsoft ( MSFT ) earnings signal Wall Street relief rally * US consumption data also aids sentiment * Japan's yen hits fresh 34-year low then rebounds sharply (Updated at 10:43 a.m. ET (1443 GMT) By Chris Prentice and Naomi Rovnick NEW YORK/LONDON, April 26 (Reuters) - Global stocks were higher on Friday as Big Tech gains lifted Wall...
Copyright 2023-2025 - www.financetom.com All Rights Reserved