CBOT wheat tumbles on strong U.S. dollar
CHICAGO, Jan 3 (Reuters) - Chicago Board of Trade wheat futures took a dive as the U.S. dollar .DXY headed for its best weekly performance since November, said analysts.
CBOT March soft red winter wheat WH25 settled down 16-1/2 cents at $5.29-1/4, having hit life-of-contract lows at $5.27-1/2.
K.C. March hard red winter wheat KWH25 ended down 12-3/4 cents at $5.39 a bushel and Minneapolis March spring wheat MWEH25 fell 11-3/4 cents to end at $5.77-3/4 a bushel, after hitting lifetime lows along with most other contracts.
Wheat was pressured by weekly gains for the U.S. dollar, which dipped for the day. A strong dollar tends to make U.S. exports more expensive and less attractive to holders of other currencies.
The U.S. Department of Agriculture reported weekly export sales for the week ended Dec. 26 at 140,600 metric tons, missing trade expectations for 200,000-500,000 metric tons, according to a Reuters poll of analysts.
(Reporting by Renee Hickman; Editing by Richard Chang)
((renee.hickman@thomsonreuters.com))
Related Articles
U.S. Bond Yields Soar in Trump 2.0, Time to Buy U.S. Bonds?
TradingKey - The news that the new Trump administration will trigger potential inflation is everywhere, and while the market is questioning the growth dynamics of the stock market, Wall Street is making asset allocation recommendations to buy U.S. Treasuries.
Why Did The S&P 500 And Nasdaq Composite Just Fall Over 1%?
TradingKey - The year 2025 started off on a pretty solid footing for investors with the key indices in the US – the S&P 500 Index and the tech-focused Nasdaq Composite Index – both posting gains in the first few days of trading. That followed on from some huge double-digit gains for 2023 and 2024.
Despite raging bull market in U.S. stocks, European stock gains to catch up in 2025?
TradingKey - As we look ahead to 2025, the bullishness of major Wall Street institutions on U.S. stocks is only growing. And outside of U.S. stocks, Wall Street expects European stocks may be poised for even better performance.
Here’s Why Tencent Shares Are Down 7% Today
TradingKey - Every investor in the world has had to grow accustomed to rising geopolitical tensions over the past decade between the world’s two superpowers: the US and China. Unfortunately, for many of us, those tensions have spilled over into global stock markets.
