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 ekes out another record high as bank earnings impress
CANADA STOCKS-TSX ekes out another record high as bank earnings impress
May 28, 2025
* TSX ends up 0.1%, at 26,283.45 * Posts new record closing high * BMO gains 1.5% and National Bank adds 3.8% * Definity Financial ( DFYFF ) jumps 11.3%. (Updates at market close) By Fergal Smith May 28 (Reuters) - Canada's main stock index edged up on Wednesday to a record closing high as investors cheered quarterly earnings from...
What's Going On With Nvidia Shares Today?
What's Going On With Nvidia Shares Today?
May 28, 2025
Nvidia Corporation ( NVDA ) shares are trading higher Wednesday as investors brace for the company's first-quarter earnings report after market close. What To Know: The slight move upward reflects cautious optimism, with the stock under close watch given Nvidia's ( NVDA ) central role in the AI chip market and its weighting in major indices. Analysts expect Nvidia (...
TRADING DAY-Investors shrug off Nvidia caution
TRADING DAY-Investors shrug off Nvidia caution
May 28, 2025
ORLANDO, Florida, May 28 (Reuters) - TRADING DAY Making sense of the forces driving global markets By Jamie McGeever, Markets Columnist Hawkish Fed minutes A day of drift - stocks lower and bond yields higher - was the hallmark of global markets on Wednesday as investors, in the absence of major fresh news on tariffs or developments in long-dated bonds,...
EMERGING MARKETS-Strong dollar pressures Latam FX; stocks broadly lower ahead of Nvidia results
EMERGING MARKETS-Strong dollar pressures Latam FX; stocks broadly lower ahead of Nvidia results
May 28, 2025
* Latam stocks down 0.8%, FX down 0.7% * Mexico's central bank cuts 2025, 2026 growth forecasts * Brazil's Azul slumps on bankruptcy filing (Updates with mid-session prices) By Pranav Kashyap and Purvi Agarwal May 28 (Reuters) - Most Latin American currencies weakened against a strengthening dollar on Wednesday, while investors awaited results from AI titan Nvidia ( NVDA ),...
Copyright 2023-2025 - www.financetom.com All Rights Reserved