A rising American dollar weighed on Chicago crop futures on Thursday.
The greenback climbed to a nine-week high, making US agricultural exports more expensive – and thus less appealing – to foreign buyers. Seasonal harvest pressure also continued to weigh, with the US corn and soybean harvests thought to be around 30% complete. The ongoing US government shutdown remains bearish as well, with the USDA’s regularly monthly supply-demand update, which was scheduled for today, suspended until further notice. Other ag reports are suspended as well.
December and March corn each lost 3 ¾ cents to $4.18 ¼, and $4.34. November soybeans dropped 7 ¼ cents to $10.22 ¼, and January was down 5 ¾ cents at $10.38 ½.
The stronger US dollar undermined wheat futures as well, while the heavy global supply also continued to overhang. However, Minneapolis spring wheat did manage to eke out a small advance. December Chicago slipped ¾ of a cent to $5.06 ½, and December Kansas City lost 3 ½ cents to $4.89 ¾. December Hard Red Spring fell a nickel to $5.33 ¾, and December Minneapolis was 1 ½ cents higher at $5.57.
