US wheat futures plunge on firmer dollar - CBOT

Ukraine export optimism puts pressure on prices
calendar icon 16 October 2022
clock icon 1 minute read

US wheat futures tumbled on Friday in a long-liquidation retreat ahead of the weekend on a firmer dollar and hopes for progress in talks to maintain a Ukrainian Black Sea grain export corridor, reported Reuters.

Spillover pressure from tumbling crude oil and equities markets further fuelled selling.

Chicago Board of Trade December soft red winter wheat fell 32-1/2 cents to settle at $8.59-3/4 a bushel. The benchmark contract was down 2.3% in the week, its second straight weekly drop.

KC December soft red winter wheat ended 30 cents lower at $9.52-1/4 a bushel, while MGEX December spring wheat was down 24-3/4 cents at $9.54-1/4 a bushel.

Moscow warned the United Nations it is prepared to reject renewing its Black Sea export corridor deal next month. Talks to keep the corridor open are ongoing.

The US Department of Agriculture said that export sales of wheat totalled 211,900 tonnes in the week ended October 6. That was near the low end of trade forecasts that ranged from 200,000 to 500,000 tonnes.

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