US wheat futures close higher on short covering

Corn and wheat draw support from weaker dollar
calendar icon 11 March 2023
clock icon 1 minute read

US wheat futures ended higher on pre-weekend short covering on Friday, with the most-active Chicago Board of Trade soft red winter wheat contract rising after hitting a 20-month low, Reuters reported, citing analysts.

Corn and wheat drew support from a weaker dollar, which tends to make US grains more competitive globally.

A top UN trade official will meet senior Russian officials in Geneva next week to discuss extending a deal that allows the Black Sea export of Ukraine grains amid Russia's war in the country, however Russia said Thursday the deal was only being "half-implemented."

The Brazilian and Australian governments have opened talks aimed at forging new agricultural trade agreements. Under a potential future pact, the South American country would start importing Australian wheat and barley.

The benchmark Chicago Board of Trade May soft red winter wheat contract rose 13-1/2 cents to settle at $6.79-1/4 a bushel. During the session, the most-active contract touched its lowest price since July 2021.

KC hard red winter wheat for May delivery was up 21 cents at $7.98-1/4 a bushel and MGEX May spring wheat futures closed 7 cents higher at $8.24-1/2 a bushel.

Front-month MGEX spring wheat hit a 20-month low and most-active KC hard red winter wheat fell to a 13-month low.

© 2000 - 2024 - Global Ag Media. All Rights Reserved | No part of this site may be reproduced without permission.