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Aug 27, 2023

CBOT wheat falls on export demand woes

in Commodity News28/08/2023 Chicago Board of Trade wheat futures fell on Friday, pressured by U.S. dollar strength and global supplies, though production issues have been noted in the southern

in Commodity News28/08/2023

Chicago Board of Trade wheat futures fell on Friday, pressured by U.S. dollar strength and global supplies, though production issues have been noted in the southern hemisphere, analysts said.

* CBOT December soft red winter wheat WZ3 lost 10 cents to end at $6.21-3/4 a bushel.

* For the week, the most-active wheat contract Wv1 fell 2.97%.

* K.C. hard red winter wheat for December delivery KWZ3 added 2 cents to $7.64-1/2 a bushel. MGEX December spring wheat MWEZ3 gained 2-3/4 cents to $8.02 a bushel.

* The U.S. dollar edged up against a basket of currencies on Friday, as the Federal Reserve considers additional interest rates hikes.

* The United States sees viable routes to export Ukrainian grain through the country’s territorial waters and overland after Russia withdrew from the grain deal, a senior U.S. official said, adding that they aim to return to exporting at prewar averages from Ukraine over the next months.

* Ukraine’s grain exports stood at 4 million metric tons in the 2023/24 July-June season as of Aug. 25, Agriculture Ministry data showed, including 1.7 million tons of wheat.Source: Reuters (Reporting by Christopher Walljasper in Chicago, Editing by Tomasz Janowski)