Forex
CBOT wheat ends higher on Black Sea export worries, softer dollar
Chicago Board of Trade wheat futures ended higher on Tuesday on worries about the fate of the Black Sea grain export corridor and a softer U.S. dollar, traders said.
CBOT July soft red winter wheat (WN3) settled up 2-1/2 cents at $6.36-1/4 per bushel.
CBOT wheat hit its session high after Russian President Vladimir Putin said Moscow was considering withdrawing from the U.N.-brokered Black Sea grain export deal, raising uncertainty about global grain supplies.
K.C. July hard red winter wheat (KWN3) ended down 4-3/4 cents at $7.91-3/4 a bushel as the U.S. winter wheat harvest progressed.
MGEX July spring wheat (MWEN3) fell 4-1/2 cents to finish at $8.09-3/4 a bushel, shrugging off a drop in U.S. spring wheat condition ratings.
The U.S. Department of Agriculture late Monday rated 60% of the U.S. spring wheat crop as good to excellent, down from 64% the previous week and below the average analyst estimate of 63%.
The USDA said the U.S. winter wheat harvest was 8% complete, up from 4% by June 4 but lagging the average analyst estimate of 10%.
The dollar DXY dropped to a three-week low, theoretically making U.S. grains more competitive globally, on expectations that the Federal Reserve will pause interest rate hikes as its two-day meeting ends on Wednesday.
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